USD/JPY consolidating, key support moving to 102.10

By FXstreet.com | July 31, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.80, up 0.01% on the day, having posted a daily high at 103.01 and low at 102.72.



While the USD/JPY continues to consolidate here, the Market Strategy Team at UOB Group explained that their shift to a bullish view yesterday was timely as USD exceeded our 102.80 target with an overnight high of 103.05. “Momentum is obviously strong and we expect the current rally to extend towards 103.40. The key support for our bullish view has moved higher quickly to 102.10 from101.60 yesterday."



USD/JPY Levels



With spot trading at 102.80, we can see next resistance ahead at 102.89 (Weekly Classic R3), 103.10, 103.40, 103.80 and 105.31 (Annual High) and 105.31 (3 Year High). Support below can be found at 102.79 (Daily Open), 102.79 (Monthly High), 102.79 ,102.35 and 101.95.



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