USD/JPY consolidates gains above 102.35

By FXstreet.com | August 13, 2014 AAA

FXStreet (Córdoba) - The USD/JPY peaked during the American session at 102.54, reaching a 1-week high and then pulled back. During the last hours it has been steady hovering around 102.40, consolidating gains.



USD/JPY holds despite data

The US dollar is headed toward the third daily gain in a row against the Japanese currency. Despite weak economic data from the US and a decline in US government bond yields the USD/JPY showed resilience.



“Sellers remain in the 102.90/103.10 region while stop loss buyers are seen above 103.10 range tops. Buyers are seen on dips to 102.10/20”, affirms Jamie Coleman from FXBeat.



After the release of the retail sales report in the US, that came in unchanged from June (below expectations) the pair dropped to 102.20 and rebounded. During the Asian session, a report showed that Japan’s economy contracted by an annualized rate of 6.8% during the second quarter; GDP was affected by the increase of the consumption tax hike.



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