USD/JPY bulls suffering the pain below pivot

By FXstreet.com | August 04, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.47, down -0.14% on the day, having posted a daily high at 102.74 and low at 102.41.



A softer dollar on the back of lasts week miss on the US job numbers sees the USD/JPY suffering below the pivot here. Also to note, and as reminded by analysts at Brown Brothers Harriman, “The FOMC statement made it clear that while the downside risk to inflation had lessened, the slack in the labor market favoured continued accommodation, and the low Fed funds rate was anticipated to continue for a considerable period”. They added that there was one dissent over that forward guidance, but no one, even those that have publicly argued the Fed was slipping behind the curve, called for a rate hike. “The course that Bernanke put the Fed on remains intact”.



USD/JPY Levels



Spot is presently trading at 102.48, and next resistance can be seen at 102.58 (Hourly 100 SMA), 102.60 (Hourly 20 EMA) and 102.67 (Daily Classic PP). Support below can be found at 102.41 (Daily Low), 102.34, 102.29 (Daily Classic S1), 102.18 (Daily 200 SMA) and 102.15 (Hourly 200 SMA).



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