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3 Jun 2015
USD/JPY slumps near 124.00
FXStreet (Edinburgh) - Volatility is on the rise now, with USD/JPY dropping from session tops near 124.70 to current levels in the 124.00 region.
USD/JPY shed gains on poor US data
The US docket keeps surprising… to the downside. This time the key ISM Non manufacturing dropped to 55.7 during May, missing consensus at 57.0 and lower than April’s 57.8. The pair has quickly given away initial gains bolstered by positive readings from the US trade balance and the ADP Employment Change, focusing instead on the 124.00 key support.
Of note ahead in the session will be the Fed’s Beige Book and the weekly report on crude oil inventories by the EIA (-1.7M exp.).
USD/JPY levels to consider
At the moment the pair is up 0.01% at 124.14 with the next resistance at 124.82 (high Jun.2) followed by 125.05 (2015 high Jun.1) and finally the psychological level at 126.00. On the downside, a break below 123.75 (low Jun.3) would expose 123.75 (low Jun.2) and then 123.61 (23.6% of 118.89-125.07).
USD/JPY shed gains on poor US data
The US docket keeps surprising… to the downside. This time the key ISM Non manufacturing dropped to 55.7 during May, missing consensus at 57.0 and lower than April’s 57.8. The pair has quickly given away initial gains bolstered by positive readings from the US trade balance and the ADP Employment Change, focusing instead on the 124.00 key support.
Of note ahead in the session will be the Fed’s Beige Book and the weekly report on crude oil inventories by the EIA (-1.7M exp.).
USD/JPY levels to consider
At the moment the pair is up 0.01% at 124.14 with the next resistance at 124.82 (high Jun.2) followed by 125.05 (2015 high Jun.1) and finally the psychological level at 126.00. On the downside, a break below 123.75 (low Jun.3) would expose 123.75 (low Jun.2) and then 123.61 (23.6% of 118.89-125.07).