The USDJPY fell to fresh daily lows on Thursday and carried its losses into Friday’s Tokyo session, where the pair could face selling pressure amid a flurry of speculation concerning Greece’s bailout program.
The USDJPY pulled back to the 119.46 region on Thursday. It would subsequently consolidate around 119.60, where it currently sits in the early Tokyo session. Immediate support is seen at 119.46, Thursday’s low. Initial resistance is likely found at 120.04, Thursday’s high. The USDJPY has been capped below the psychological 1.20 line for most of the year, having been sent back multiple times. It’s last failed attempt came on Wednesday. A re-test of 1.20 was attempted early Thursday morning.