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USD/JPY:Bulls struggling to push above 76.4% fib level

FXStreet (Mumbai) - The bullish move in the USD/JPY pair appears to have stalled around 123.55 (76.4% of 125.856-116.08) levels in the US session.

Six day winning streak

The pair is up for the sixth consecutive session today as the Yen suffered from a bearish hangover of the strong NFP released on Friday. The pair clocked a high of 12.60, but is struggling now to sustain above 123.55 levels.

Moreover, the uptick in the USD/JPY led to a 100-pip rally in the EUR/JPY and GBP/JPY; given the EUR/USD and GBP/USD took back a minor part of their Friday’s losses. The attention now shifts to Fed’s Rosengren speech and the sentiment on the Wall Street.

USD/JPY Technical Levels

The spot could extend gains to 124.00-124.47 (July 21 high), in case it manages to break convincingly above 123.55 (76.4% of 125.856-116.08). On the other side, a failure to rise above 123.55 would open doors for a re-test of 123.01 (July 27 low) and 122.12 (61.8% of 125.856-116.08).

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