USD/JPY trades flat at 123.80

FXStreet (Mumbai) – The upside momentum in the USD/JPY pair appears to have stalled as the pair trades today at 123.77 levels.

USD/JPY: Rejected at 124.00

The pair was rejected earlier today at the high of 124.00 as the Yen sellers take a breather ahead of the US first quarter GDP data release later today. The pair clocked a high of 124.44 in the previous session, although it failed to close above the June 2007 high of 124.12.

The selling in Yen also halted after the data released earlier today showed industrial production increased by 1.0% last month, exceeding expectations for a 0.8% rise, after a 0.8% fall in March.

USD/JPY Technical Levels

The immediate resistance is located at 124.12 (June 2007 high), above which the gains could be extended to the previous session’s high at 124.44. On the flip side, a break below 123.50 could see the pair re-test 123.00 levels.

The upside momentum in the USD/JPY pair appears to have stalled as the pair trades today at 123.77 levels.

(Market News Provided by FXstreet)