USD/JPY consolidating the up move to critical 101.80

By FXstreet.com | July 02, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.78, up 0.01% on the day, having posted a daily high at 101.82 and low at 101.77.

The USD/JPY made a good move to the upside ahead of a phase of consolidation around critical levels which gives us a bullish scenario post a constructive looking week. A close here will be key. Valeria Bednarik, chief analyst at FXStreet explained that the hourly chart shows price overcame its 100 and 200 SMAs, while indicators stand near overbought levels, albeit price refuses to retrace. “In the 4 hours chart technical readings present a clear bullish tone that supports a continued ride, eyeing as critical resistance the 102.80 price zone”. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted how we are still trading within yesterday’s range and the broader multi-month range. “In line with the BoJ objectives, the monetary base has risen to a new record of ¥243trn."

USD/JPY Levels

Spot is presently trading at 101.79, and next resistance can be seen at 101.80 (Daily Classic R2), 101.82 (Daily High), 101.85 (Daily 20 SMA), 101.86 (Yesterday's High) and 101.87 (Weekly High). Next support to the downside can be found at 101.77 (Daily Open), 101.77 (Daily Low), 101.73 (Daily 200 SMA), 101.70 (Hourly 200 SMA) and 101.68 (Hourly 20 EMA).

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