USD/JPY challenges lows near 122.40

FXStreet (Edinburgh) – The Japanese yen continues to appreciate vs. its American counterpart at the beginning of the week, dragging USD/JPY to the 122.40 area.

USD/JPY lower on Greek woes

The generalized ‘flight-to-safety’ sentiment prevailing in the global markets has given further oxygen to the safe haven JPY since the opening bell in Asia today, in response to the mounting uncertainty surrounding Greece and the potential exit from the euro area.

The poor performance in the US Treasuries has also removed an important tailwind from the greenback today, which has totally given away its initial gains when measured by the US Dollar Index (DXY).

USD/JPY levels to watch

As of writing the pair is losing 1.13% at 122.47 and a breakdown of 122.10 (low Jun.29) would open the door to 121.73 (low May 26) and finally 121.45 (low May 25). On the flip side, the initial up barrier aligns at 123.99 (high Jun.26) followed by 124.18 (high Jun.23) and then 124.37 (high Jun.24).

The Japanese yen continues to appreciate vs. its American counterpart at the beginning of the week, dragging USD/JPY to the 122.40 area…

(Market News Provided by FXstreet)