FXStreet (Edinburgh) – The Japanese yen continues to appreciate vs. its American counterpart on Friday, with USD/JPY now bouncing off the 122.60 area.
USD/JPY gains limited at 126.00
The pair is trading in a weekly consolidative pattern around 123.00 the figure after posting fresh cycle highs near 126.00 during last month. Recent events in Greece have triggered a wave of safe haven inflows, directly benefiting the Japanese currency and thus intensifying the selling pressure on spot.
In the same direction, yesterday’s disappointing figures from Non-farm Payrolls in the US economy added some extra offered tone to the dollar and hit Treasuries yields, collaborating with the downside.
USD/JPY relevant levels
At the moment the pair is retreating 0.24% at 122.78 and a breakdown of 122.59 (low Jul.3) would expose 122.48 (low Jul.1) and then 121.93 (low Jun.30). On the other hand, the immediate hurdle aligns at 123.46 (high Jul.1) ahead of 123.73 (high Jul.2) and finally 123.99 (high Jun.26).
(Market News Provided by FXstreet)