USD/JPY bounce off 122.00 again

FXStreet (Barranquilla) – Despite that the USD/JPY bounced off the 122.00 key level this morning, the pair was not able to extend recovery beyond 122.60, today’s pivot pivot; then the pair started another downside move towards the mentioned 122.00. But the USD/JPY was rejected again.

The USD/JPY is trading under pressure amid the risk aversion that was caused by the ongoing crisis in Greece. Investors are looking for safe havens like the Japanese Yen.

Currently, USD/JPY is trading at 122.39, down -0.11% on the day, having posted a daily high at 122.74 and low at 121.94. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/JPY Forecast

122.00 is a key point for the USD/JPY; The 121.80/122.00 area used to be a resistance as it market the peaks in December 2014 and March 2015. Then, as previously reported in the Live Analysis Room pre-show video report. “The USD/JPY is flirting with its negative side at the 122.00 breakout.” Dale Pinkert recommended to “continue to sell strength. A close below 122.00 points towards 118.00 as objective.”

USD/JPY Levels

If the pair extends its bounce from 122.00, it will find resistances at the mentioned 122.60, 1.2275 and 123.00. To the downside, supports are at 122.00, 121.80 and 121.10.

Despite that the USD/JPY bounced off the 122.00 key level this morning, the pair was not able to extend recovery beyond 122.60, today’s pivot pivot; then the pair started another downside move towards the mentioned 122.00. But the USD/JPY was rejected again.

(Market News Provided by FXstreet)