USD/JPY back below 102.00

By FXstreet.com | June 23, 2014 AAA

FXStreet (Córdoba) - The USD/JPY started the week on a negative note, having fallen back below the 102.00 mark and erasing Friday’s gains, as the dollar remains under pressure.



The USD/JPY failed once again to consolidate above the 102.00 mark, despite having closed last week above that level, and slid back to the 101.85 area, amid broader dollar weakness. The USD/JPY bottomed out at 101.84 and continues to threaten lows, recording a 0.20% loss on the day.



From a wider view, the USD/JPY continues to oscillate around 102.00, unable to set a longer-term direction.



USD/JPY technical outlook



“In the short term the support zone around the 101.60 level is expected to hold and the uptrend to 103 to be renewed”, said Stoyan Mihaylov, analyst at DeltaStock.com. “A move below 101.40 will neutralize the positive outlook at this time”.



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