25 Jun 2014
USD/JPY finds support at 101.60
FXStreet (San Francisco) - The USD/JPY found support at 101.60 after declining 35 pips from 101.95 amid the ugly US GDP release earlier in the day, now the pair is trading around 101.75.
The USD/JPY bounced on the back of strong PMI services as well as a moderation in the US 10-year yields losses.
Currently, USD/JPY is 0.19% down on the day, having posted a daily high at 102.00 and low at 101.62. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY sentiment
"Watch 101.67, the 200-day moving average, on a closing basis tonight," points out Jamie Coleman from FXBeat. "We have not closed below that level since the dawn of Abenomics in late 2012."
Below the 101.60 level, the USD/JPY would face further supports at 101.42 (May 29 low) and 101.09 (May 19 low). On the flip side, resistances are seen at 102.20 (100-day SMA), 102.32 (Jun 18 high) and 102.56 (Jun 10 high).
The USD/JPY bounced on the back of strong PMI services as well as a moderation in the US 10-year yields losses.
Currently, USD/JPY is 0.19% down on the day, having posted a daily high at 102.00 and low at 101.62. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY sentiment
"Watch 101.67, the 200-day moving average, on a closing basis tonight," points out Jamie Coleman from FXBeat. "We have not closed below that level since the dawn of Abenomics in late 2012."
Below the 101.60 level, the USD/JPY would face further supports at 101.42 (May 29 low) and 101.09 (May 19 low). On the flip side, resistances are seen at 102.20 (100-day SMA), 102.32 (Jun 18 high) and 102.56 (Jun 10 high).