FXStreet (Guatemala) – USD/JPY is currently trading at 122.46 with a high of 122.56 and a low of 122.44.
USD/JPY is changing hands in early Tokyo offered vs the broader uptrend overnight on a minor recovery of the bearish slope in European markets over mixed Greek headlines again.
USD/JPY price action
USD/JPY left the vicinity of the 122.80 resistance and was offered throughout european trade on risk-off trade while the Greek’s failed to present a new proposal post the Greek publics referendum no vote. bulls found a comfort spot at 122.30 but supply intensified on the minor bounce to 122.57 and bears tested the bulls commitments at the 122.00 level that was eventually supported. A recovery was made to 122.65 on renewed hopes of progress towards a Greek deal where the market has since been offered.
USD/JPY fundamentals
USD/JPY is facing a risk-off market but upside is found on bullish headlines around the Greek debacle that point towards a deal being struck at the last hour, although at the same time, Juncker has said that a Grexit scenario has been prepared in detail. The latest is that Greece have a deadline of 0830 GMT on Friday to offer their new proposals while an EU summit will be held on Sunday following a Eurogroup meeting scheduled to take place on Saturday.
USD/JPY technical conditions
Karen Jones, chief analyst at Commerzbank explained that support is offered by 122.04/121.86 key supports. “While these supports hold, the ascending triangle pattern and the 128.15 upside measured target remains viable. However Elliott wave counts are more negative and we would allow for a slide back to the 5 month uptrend at 120.26.”
(Market News Provided by FXstreet)