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2 Jun 2015
USD/JPY dips to 124.51
FXStreet (Mumbai) - The USD/JPY weakened moderately to 124.51 levels as the final sprint to hit the 125 handle stalled around 124.89 levels in the previous session.
Yen recovers on strong wage data
The Japanese Yen recovered losses after the official data in Japan reported April average cash earnings rose 0.9%, well above the 0.4% gain seen year-on-year. The pair, thus, erased gains to hit a session low of 124.51 levels.
In the previous session, the pair had shot higher on the back of US ISM PMI, which ticked up to 52.8 last month from a reading of 51.5 in April. Analysts had expected the manufacturing PMI to edge up to 52.0 in May.
USD/JPY Technical Levels
The immediate resistance is located at 124.70, above which gains could be extended to 125.00 levels. On the flip side, a break below 124.50 could see the pair target 123.80.
Yen recovers on strong wage data
The Japanese Yen recovered losses after the official data in Japan reported April average cash earnings rose 0.9%, well above the 0.4% gain seen year-on-year. The pair, thus, erased gains to hit a session low of 124.51 levels.
In the previous session, the pair had shot higher on the back of US ISM PMI, which ticked up to 52.8 last month from a reading of 51.5 in April. Analysts had expected the manufacturing PMI to edge up to 52.0 in May.
USD/JPY Technical Levels
The immediate resistance is located at 124.70, above which gains could be extended to 125.00 levels. On the flip side, a break below 124.50 could see the pair target 123.80.