USD/JPY flirting with 124.00

USD/JPY flirting with 124.00
FXStreet (Edinburgh) – The greenback has resumed its upbeat tone at the end of the week, lifting USD/JPY to the boundaries of the 124.00 handle.

USD/JPY better bid as dollar recovers

Spot is reclaiming the 124.00 area after bottoming out in the mid-123.50 in previous sessions, boosted by a resurgence of the buying interest around USD. Poor PMI prints from the Chinese economy in early trade have prompted investors to accelerate their exodus from the riskier assets in favour of the greenback.

Ahead in the session and absent data releases in Japan, US New Home Sales and Markit’s manufacturing PMI will be in the spotlight, looking to add to the recent positive results in the US economy.

USD/JPY levels to consider

As of writing the pair is up 0.03% at 123.96 and a surpass of 124.15 (high Jul.22) would open the door to 124.47 (high Jul.21) and finally 124.58 (high Jun.10). On the flip side, the initial support lines up at 123.83 (low Jul.24) followed by 123.67 (low Jul.23) and then 123.57 (low Jul.22).
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USD/JPY flirting with 124.00
Source: FXStreet