FXStreet (Mumbai) – The US dollar is striving for 123 handle versus the Japanese currency in the mid-Asian, with USD/JPY struggling to keep green, as the yen remains supported on safe-haven bids arising out of uncertainties surrounding Greece ahead of today’s emergency Euro group meeting to decide the fate of the debt-embattled nation.
USD/JPY pressured on Greece, weaker USD
Currently, the USD/JPY pair trades flat at 122.75, retreating from session lows of 122.57. The USD/JPY pair is seen struggling below 123 handle, with the greenback slowly retreating to 122.50 support zone as traders now moved past Central banks’ decisions from the previous week and now await impending Greek talks for further momentum.
The dollar-yen pair also remains pressured on a broadly weaker US dollar largely undermined by rising EUR/USD on Greece hopes. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies trades -0.19% lower at 94.13, retracing from 94.30 session highs.
While, traders may flock to safety assets such as yen amid ongoing Greece debt troubles with its international creditors before the emergency Euro group meeting called later today, which may also add to further weakness in USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located 122.82 (Today’s High) levels and above which it could extend gains 123 levels. To the downside immediate support might be located at 122.49 (June 18 Low) below that at 122 levels.
(Market News Provided by FXstreet)