FXStreet (Mumbai) – The USD/JPY pair rose to a high of 124.80 levels as it ran into fresh bids at the low of 124.41 levels earlier today.
USD/JPY: Stalled around previous session’s high
The pair appears to have stalled around as offers are reportedly seen around the previous session’s high at 124.89. Moreover, the latest rise in the pair was largely triggered due to the broad based weakness in the USD after the EUR/USD ran through offers above 1.10 levels.
Ahead in the day, the US factory orders data could trigger moves in the pair. However, for now, the movement in the EUR/USD pair is likely to affect market’s appetite for the US dollars across the board.
USD/JPY Technical Levels
The pair currently trades at 124.76, with the immediate resistance is located at 124.89-125.00 followed by another psychological resistance at 126.00. On the flip side, a break below 124.32 (5-DMA) could push the pair lower to 123.84.
(Market News Provided by FXstreet)