24.07.201505:38 Forex Analysis & Reviews: Technical analysis of USD/JPY for July 24, 2015

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Labour data has no impact on the USDX.

In the week ending July 18, advanced figures for seasonally adjusted initial claims came out at 255,000, showing a decrease of 26,000 compared to the previous week's unrevised level of 281,000. This is the lowest level for initial claims since November 24, 1973 when it was 233,000.

At today's Asia's session, Japan's manufacturing data hits the wires. The Japanese July manufacturing PMI rose to 51.4 from the previous value of 50.1 while analysts had expected 50.5. The flash Japan Manufacturing PMI came out at 51.4 (50.1 in June). Operating conditions improved at the fastest pace since February.

USD/JPY:

The pair has been facing strong resistance at 124.50. A triple top is being formed at that level. The pair was trading at 123.90 during the Asian session compared to Thursday's closing price of 123.93.

Intraday resistance is seen at 124.05, 124.20, and 124.30. Support is found at 123.90,123.70 and 123.60. We expect strong momentum above 124.50 towards 125.00 and 125.85. Bulls must breach 124.20 during a day, otherwise the pair is likely to re-test 123.00. Today,bulls must close above at least 124.20. They will be in safe zone if close above 124.50.

Intraday buying is available above 124.30, strong momentum is seen only above 124.50.

The 50& 20Dsma is found at 123.20.

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