USD/JPY building bricks and consolidating

By FXstreet.com | July 01, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.53, up 0.01% on the day, having posted a daily high at 101.58 and low at 101.51.

USD/JPY may be starting to look constructive here but would require some further ground and a positive close around the levels of middle of last weeks business at 101.80. Meanwhile, we are reminded by analysts at Rabobank that since reaching a high in the USD/JPY 102.80 area in early June, USD/JPY has been bias lower. “We would attribute this to three separate factors. Firstly, geopolitical tension may have been responsible for some safe haven purchases of the yen. Secondly, on the back of the BoJ’s upbeat tone the market has been paring back its expectations of further easing by the BoJ this summer. The third factor is the continued sogginess of the USD”.

USD/JPY Levels

Current price is 101.54, with resistance ahead at 101.58 (Daily High), 101.61 (Daily Classic R2), (Yesterday's High), 101.63 (Weekly Classic PP) and 101.71 (Daily 200 SMA). Next support to the downside can be found at 101.52 (Hourly 100 SMA), (Daily Open), 101.51 (Daily Low), 101.50 (Hourly 20 EMA) and 101.47 (Daily Classic R1).

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