USD/JPY: Yen better bid near 124

USD/JPY: Yen better bid near 124
FXStreet (Mumbai) – The USD bulls are fighting to regain complete control in the European session, keeping the pair in the same range above 124 levels. USD/JPY remains largely subdued as traders await outcome from the ongoing German Parliament vote on Greece ahead of a data-heavy US session.

USD/JPY pares losses

Currently, the USD/JPY pair trades modestly flat at 124.10, retreating from 123.92 lows. USD/JPY recovered most losses and now extends towards fresh three-week highs as markets prefer the US currency amid the ongoing Bundestag vote on Greece bailout deal.

Moreover, markets anticipate the greenback to rebound across the board later in the New York with US CPI and consumer sentiment data – the main influencing events.

USD/JPY Technical Levels

To the upside, the next resistance is located 124.23 (Today’s High) levels and above which it could extend gains 124.38 (June 24 High) levels. To the downside immediate support might be located at 123.71 (July 16 Low) below that at 123.23 (July 15 Low) levels.
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Source: FXStreet