USD/JPY consolidative ahead of NFP’s

By FXstreet.com | July 31, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.81, up 0.02% on the day, having posted a daily high at 102.84 and low at 102.74.

We start the day off quiet and the Nikkei has opened lower by 0.70%. Considering we have Nonfarm Payrolls ahead in the US, the pair may be likely to remaining a tight range with a drifting bias to the downside having failed to extend beyond 103.00. Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY trades steadily around 102.80 area, coming under pressure not only because stocks in red, but also because US yields, giving up most of yesterday’s gains. “The hourly chart however shows price holding in a tight range with moving averages still heading higher below current price, and indicators flat in neutral territory. In the 4 hours chart technical readings ease from overbought territory supporting some downward correction towards 102.35, albeit range will likely prevail ahead of US news, which at the end will be the ones deciding the pair’s destiny”.

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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