Back
1 Jul 2015
USD/JPY on Greece, scored new June lows through 122.00
FXStreet (Guatemala) - USD/JPY is currently trading at 122.38 with a high of 122.73 and a low of 121.93.
USD/JPY is challenging the upside in early Asia on a minor recovery from London afternoon lows and the slightly higher US session lows.
USD/JPY price action
USD/JPY has been somewhat resilient and range bound with a narrow price of 121.93, London lows, and 122.60 in the afternoon of London trade. The US session has seen the major drift up from 121.96 to current hourly stick high of 122.53. The price has remained below this week's opening gap so far, although the recent bullish recovery is threatening the descending resistance from 123.20.
USD/JPY fundamentals immersed with in risk-off environment
USD/JPY has been better offered this week since the Greek debacle and weekend headlines and on on-going news hitting the wires, from new Greek proposals to the potential of negotiations happening again between Athens and the Eurogroup before the public get to vote this weekend on the referendum that had otherwise been scheduled - this was coming from Greek government sources. However, Dijsselbloem says there can only be a debate on further proposal after a referendum. Meanwhile, all four major Greek banks have been downgraded by the S&P to 'Selective Default'. The Yen is subject to volatility around such changes in sentiment in a risk-off environment.
USD/JPY is technically bearish
The major remains well supported, however, above 122.00, although a new low was scored at 121.93 today with some slight give around the figure having broken previous June lows. However, on continued uncertainty there is a bearish bias where 121.80 comes as next key support guarding 120.40 and remaining bearish below the start of week's bearish gap.
USD/JPY is challenging the upside in early Asia on a minor recovery from London afternoon lows and the slightly higher US session lows.
USD/JPY price action
USD/JPY has been somewhat resilient and range bound with a narrow price of 121.93, London lows, and 122.60 in the afternoon of London trade. The US session has seen the major drift up from 121.96 to current hourly stick high of 122.53. The price has remained below this week's opening gap so far, although the recent bullish recovery is threatening the descending resistance from 123.20.
USD/JPY fundamentals immersed with in risk-off environment
USD/JPY has been better offered this week since the Greek debacle and weekend headlines and on on-going news hitting the wires, from new Greek proposals to the potential of negotiations happening again between Athens and the Eurogroup before the public get to vote this weekend on the referendum that had otherwise been scheduled - this was coming from Greek government sources. However, Dijsselbloem says there can only be a debate on further proposal after a referendum. Meanwhile, all four major Greek banks have been downgraded by the S&P to 'Selective Default'. The Yen is subject to volatility around such changes in sentiment in a risk-off environment.
USD/JPY is technically bearish
The major remains well supported, however, above 122.00, although a new low was scored at 121.93 today with some slight give around the figure having broken previous June lows. However, on continued uncertainty there is a bearish bias where 121.80 comes as next key support guarding 120.40 and remaining bearish below the start of week's bearish gap.