USD/JPY above 102 handle targets 102.50

By FXstreet.com | July 29, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.08, down -0.04% on the day, having posted a daily high at 102.14 and low at 102.07.



Japan Industrial Production was a huge miss with the number coming in at -3.3% vs -1.2% expected, and yet USD/JPY doesn’t move. The USD/JPY is however holding the 102 handle and if the correlation between the Nikkei (down 0.1%) is anything to go by, then the pair has room to the topside before it falls back into line of the on going correlation with the Nikkei trend up. 102.50/80 zone would be next obvious target.



USD/JPY Levels



Spot is presently trading at 102.08, and next resistance can be seen at 102.08 (Daily 200 SMA), 102.30, 102.80, 103.10. Next support to the downside can be found at 102.04 (Hourly 20 EMA), 102.02 (Daily Classic R2) and 101.94 (Daily Classic R1), 101.60, 101.20.



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