24 Jul 2014
USD/JPY supported towards 102 handle on US fundementals
FXStreet (Guatemala) - USD/JPY is trading at 101.82, up 0.33% on the day, having posted a daily high at 101.85 and low at 101.41.
USD/JPY remains in positive territory after the nice little run up on the 101 handle to test the bears resilience protecting the 102 handle. FX Strategists at the Bank of Tokyo Mitsubishi UFJ suggested that USD/JPY volatility is likely to remain dampened until the Fed clearly signals a shift to tighter monetary policy. “Looking ahead, the upcoming FOMC meeting, Q2 2014 GDP and non-farm payroll report are key triggers for dollar buying. A pick up in wage growth and higher US T-bill yields may support USD/JPY buying near the 102-level."
USD/JPY Levels
Current price is 101.82, with resistance ahead at 101.85 (Daily High), 102.02 (Daily 200 SMA), 102.10 (Daily 100 SMA). Next support to the downside can be found at 101.75 (Weekly Classic R1), 101.70 (Daily Classic R2), 101.61 (Hourly 20 EMA) and 101.59 (Daily 20 SMA).
USD/JPY remains in positive territory after the nice little run up on the 101 handle to test the bears resilience protecting the 102 handle. FX Strategists at the Bank of Tokyo Mitsubishi UFJ suggested that USD/JPY volatility is likely to remain dampened until the Fed clearly signals a shift to tighter monetary policy. “Looking ahead, the upcoming FOMC meeting, Q2 2014 GDP and non-farm payroll report are key triggers for dollar buying. A pick up in wage growth and higher US T-bill yields may support USD/JPY buying near the 102-level."
USD/JPY Levels
Current price is 101.82, with resistance ahead at 101.85 (Daily High), 102.02 (Daily 200 SMA), 102.10 (Daily 100 SMA). Next support to the downside can be found at 101.75 (Weekly Classic R1), 101.70 (Daily Classic R2), 101.61 (Hourly 20 EMA) and 101.59 (Daily 20 SMA).