Back
1 Jun 2015
USD/JPY rises again, eyes 125.00
FXStreet (Córdoba) - USD/JPY is about to post the highest close since 2002. Greenback is rising for the sixth trading day in a row versus the Japanese yen.
Initially the pair decline with the first round of US economic data but then following the Manufacturing ISM jumped to the upside and accelerated after breaking above 124.40/50.
Price peaked at 124.91 and then pulled back modestly. Near the end of the American session it was trading at 124.80/85, 65 pips above Friday’s closing price and 2.70% above the price it had seven days ago.
While the dollar again is among the top perfomers, the yen is the worst in the currency market, repeating last week’s behavior.
Challenges for USD/JPY rally
From a technical perspective the area around 125.00 could be a strong resistance level to break and to hold above. From a fundamental view, the next round of US economic data that will be published during the week, particularly employment data, poses a major risk for the dollar.
Initially the pair decline with the first round of US economic data but then following the Manufacturing ISM jumped to the upside and accelerated after breaking above 124.40/50.
Price peaked at 124.91 and then pulled back modestly. Near the end of the American session it was trading at 124.80/85, 65 pips above Friday’s closing price and 2.70% above the price it had seven days ago.
While the dollar again is among the top perfomers, the yen is the worst in the currency market, repeating last week’s behavior.
Challenges for USD/JPY rally
From a technical perspective the area around 125.00 could be a strong resistance level to break and to hold above. From a fundamental view, the next round of US economic data that will be published during the week, particularly employment data, poses a major risk for the dollar.