USD/JPY below pivot still, despite the strong bids

By FXstreet.com | July 10, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.25, down -0.38% on the day, having posted a daily high at 101.68 and low at 101.07.



USD/JPY found a foothold on the 101 handle against a series of strong offers on the week but still it is trading someway below the pivot. At 101.66. Meanwhile, Analysts at Rabobank explained that overnight, in Japan, we saw machine orders collapse, underlining that while some numbers are soaring (such as CPI), there are others that are moving in the opposite direction; “how long it will take the BOJ to realise that it's own experiment is not producing the results it wants remains to be seen, however. After persistently upbeat remarks from the BoJ in recent months, the market has pared back its expectations of further easing this year”.



USD/JPY Levels



Current price is 101.26, with resistance ahead at 101.33 (Monthly Low), 101.39 (Hourly 20 EMA), 101.43 (Daily Classic S1), 101.45 (Yesterday'sLow) and 101.45 (Weekly Classic S1). Next support to the downside can be found at 101.22 (Daily Classic S2), 101.07 (Daily Low), 101.00 (YTD Low), 100.99 (Daily Classic S3) and 100.81 (Weekly Classic S2).



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