USD/JPY approaches weekly lows after US data

USD/JPY approaches weekly lows after US data
FXStreet (Córdoba) – USD/JPY turned to the downside after the release of US housing data and printed a fresh daily low at 123.68. It remains near the lows holding a bearish tone, approaching yesterday’s lows.

USD hit by data

Greenback lost strength across the board after the new home sales report showed a decline of 6.8% in June against expectation of a 2.2% rise. USD/JPY was hovering around 124.00, after being unable to rise above 124.10 and turned to the downside after the report.

Stocks in Wall Street are falling, with the Dow Jones down 0.38% and the Nasdaq falling 0.11%. European markets are about to close with a decline on average of 1%. The yen beneficiated from risk aversion and is among the best performers on Friday.

USD/JPY technical levels

So far the pair has been able to hold above Thursday’s lows that lie at 123.65/40. Below a potential support is seen at 123.57 (July 22) and 123.30. On the opposite direction, a resistance zone is detected between 124.20 and 124.10; above the area, focus turns to 124.50.
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USD/JPY approaches weekly lows after US data
Source: FXStreet