USD/JPY steadies around 122.40, US data awaited

FXStreet (Mumbai) – The Japanese currency keeps the upper hand over the American dollar in the European session, although recovers from fresh five week lows printed below 122 handle. USD/JPY remains largely subdued as uncertainty surrounding Greece continues to support the safe-haven bids in yen.

USD/JPY recovers from 121.94

Currently, the USD/JPY pair trades -0.11% lower at 122.41, regaining 122 levels and extending its recovering further. The dollar-yen extends its rebound and consolidates near the mid-point of 122 barrier, as traders now turn their attention towards a set of macro releases from the US which may lend support to the US D bulls.

While, the ongoing Greece updates continue to underpin the demand for safe havens such as gold, yen etc. The latest Greek headline by the European Commission notes that no response has been received from Greece, although doors remain open but the time is running out.

Looking ahead, we have a data-packed European session, beside all eye will be on Greece as it nears today’s deadline.

USD/JPY Technical Levels

To the upside, the next resistance is located 122.73 (Today’s High) levels and above which it could extend gains 123 levels. To the downside immediate support might be located at 122.10 (June 29 Low) below that at 121.48 (May 26 Low) levels.

The Japanese currency keeps the upper hand over the American dollar in the European session, although recovers from fresh five week lows printed below 122 handle. USD/JPY remains largely subdued as uncertainty surrounding Greece continues to support the safe-haven bids in yen.

(Market News Provided by FXstreet)