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USD/JPY off highs, clings to 124.00

FXStreet (Córdoba) - USD/JPY pulled back from highs and trimmed daily gains as the dollar weakened following the latest string of US data.

USD/JPY retreated from a 3-week high of 124.17 and slid back below the 124 mark as the dollar gave up gains ahead of Fed’s Yellen second day of testimony before the Congress. At time of writing, the pair is trading at 123.90, still up 0.13% on the day.

US data, a mixed bag

On the data front, US jobless claims dropped to 281K last week, below the 285K expected, while on the other hand, the Philly Fed manufacturing index dropped to 5.7 from 15.2 in June and well below the 12.0 expected. However, any number above zero means more companies are expanding.

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find next resistances at 124.17 (Jul 16 high), 124.36 (Jun 24 high) and 124.60 (Jun 10 high). On the flip side, supports are seen at 123.70 (Jul 16 low), 123.25 (Jul 15 low) and 123.00 (psychological level).

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