USD/JPY off lows near 122.80

FXStreet (Mumbai) – The US dollar recovered from session lows and now edged higher against the Japanese currency in the European session, with USD/JPY once again heading towards 123 handle. The major recoup partial losses as a broader market recovery eased risk-aversion with traders now awaiting fresh Greek updates for further momentum.

USD/JPY rises from 122.33 session lows

Currently, the USD/JPY pair trades -0.85% lower at 122.80, inching towards 123.19 highs. The dollar-yen pair erased partial losses as markets digest latest Greece headlines, citing that Greek talks could restart sooner, offering respite to the risk-averse market sentiments.

However, the Japanese currency is expected to an edge over the greenback on safe-haven appeal amid risk-off sentiment as Greek debt concerns continue to linger ahead of June 30 deadline to the IMF.

Earlier in Asia, the yen was bolstered to fresh six week highs against the US dollar as the Greek situation moved from worse to capital controls and a possible default.

USD/JPY Technical Levels

To the upside, the next resistance is located 123.19 (Today’s High) levels and above which it could extend gains 123.44 (June 22 High) levels. To the downside immediate support might be located at 122.33 (Today’s Low) below that at 122.11 (June 28 Low) levels.

The US dollar recovered from session lows and now edged higher against the Japanese currency in the European session, with USD/JPY once again heading towards 123 handle. The major recoup partial losses as a broader market recovery eased risk-aversion with traders now awaiting fresh Greek updates for further momentum.

(Market News Provided by FXstreet)