15 Jun 2015
Weak US data pushed USD/JPY lower to 123.40
FXStreet (Mumbai) - The weaker-than-expected NY empire state manufacturing index drew more offers on the USD, thereby pushing the USD/JPY pair lower to 123.40 from the daily high of 123.64.
Losses restricted by Safe haven demand
The every increasing probability of Grexit has triggered a flight to safety, leading to more money being poured into treasuries. Consequently, the losses in the USD have been restricted even though yields have gone down.
Still, the pair erased a major chunk of its gains after the NY empire manufacturing index missed the estimate by a wide margin to print at -1.98. Ahead in the day, the US industrial production figure could trigger moves in the pair.
USD/JPY Technical Levels
The pair currently trades at 123.40, with immediate resistance at 123.74, above which the pair could target 124.12 (10-DMA). On the flip side, a break below 123.28 could drive the pair lower to 122.50.
Losses restricted by Safe haven demand
The every increasing probability of Grexit has triggered a flight to safety, leading to more money being poured into treasuries. Consequently, the losses in the USD have been restricted even though yields have gone down.
Still, the pair erased a major chunk of its gains after the NY empire manufacturing index missed the estimate by a wide margin to print at -1.98. Ahead in the day, the US industrial production figure could trigger moves in the pair.
USD/JPY Technical Levels
The pair currently trades at 123.40, with immediate resistance at 123.74, above which the pair could target 124.12 (10-DMA). On the flip side, a break below 123.28 could drive the pair lower to 122.50.