FXStreet (Edinburgh) – The greenback is shedding further gains vs. the Japanese currency on Friday, sending USD/JPY to test the critical support at 123.00.
USD/JPY lower on USD weakness
The offered tone in the US dollar continues today following the poor results from the US labour market on Thursday, where Non-farm Payrolls came in at 223K vs. 230K expected, taking the pair to the lower end of the range.
Spot is closing the week in the red ground however, as the Japanese yen has been benefited from strong safe haven inflows during the first half of the week after the Greek events over last weekend.
USD/JPY relevant levels
At the moment the pair is retreating 0.10% at 122.94 and a breakdown of 122.80 (low Jul.2) 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)