USD/JPY hits fresh highs but remains limited

FXStreet (Córdoba) – USD/JPY rose and printed a fresh daily high at 124.20 but it was unable to rally further. The upside remains limited above 124.00.

USD/JPY consolidating weekly gains

The dollar remains near multi-year lows, rising modestly on Friday after the release of US economic data. The first report was GDP growth that showed a decline of 0.7% in the first quarter versus a 0.2% increase previously estimated. Then the Michigan confidence indicator rose from 88.6 to 90.7 and the Chicago PMI dropped from 52.3 to 46.2 in May.

The mixed data had little impact on the US dollar in the forex market while stocks are falling in Wall Street. The Dow Jones was down 0.78% and the Nasdaq was losing 0.61%.

From the levels it had a week ago, USD/JPY is up more than 200 pips, headed toward the highest weekly close since October 2002.

USD/JPY rose and printed a fresh daily high at 124.20 but it was unable to rally further. The upside remains limited above 124.00.


(Market News Provided by FXstreet)