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Forex pairs in this Article » USD/JPY
FXStreet (Edinburgh) - The USD/JPY is meandering around a narrow 102.40/60 range on Wednesday, looking to define a more solid direction after Chinese data Yellen’s speech on Tuesday.

USD/JPY in red after domestic data

Better risk trends stemming from Yellen’s neutral-to-dovish testimony are confronting with the strong reading from the key advanced Japanese Machine Tool Orders, expanding 39.6% on a yearly basis in January. “Positive risk appetite may continue to bolster the JPY crosses and the USD-JPY in the near term but significant resistance levels may present themselves towards 103.00 and subsequently at the 55-day MA (103.44)”, observed Emmanuel Ng, Strategist at OCBC Bank.

USD/JPY levels to watch

At the moment the pair is down 0.14% at 102.47 with the next support at 101.99 (low Feb.10) ahead of 101.40 (low Feb.7) and finally 101.25 (low Feb.6). On the flip side, a breakout of 102.71 (high Feb.11) would expose 102.94 (high Jan.31) and then 103.09 (Kijun Sen line).
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