USD/JPY denying the bulls of the 102 handle

By FXstreet.com | June 27, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.41, down -0.32% on the day, having posted a daily high at 101.74 and low at 101.31.

USD/JPY has been on the back foot once again towards the end of this week’s session. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is neutral. At the time of writing, RSI is neutral at 53.50, up from 39.48 at the last hour close, while ADX is ranging at 10.97, down from 24.34 previous. Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ explained that the US dollar has continued to remain on the defensive in the Asian trading session with USD/JPY falling below its 200-day moving average which comes in at just above 101.70. “The US dollar has been undermined by the modest pullback in US yields following the release of the weaker than expected US GDP report for Q1 and personal spending report for May."

USD/JPY Levels

With spot trading at 101.40, we can see next resistance ahead at 101.48 (Hourly 20 EMA), 101.49 (Yesterday's Low), 101.52 (Daily Classic S1), 101.69 (Daily 200 SMA) and 101.70 (Monthly Low). Support below can be found at 101.39 (Weekly Classic S2), 101.31 (Daily Low), 101.30 (Daily Classic S2), 101.12 (Daily Classic S3) and 101.07 (Weekly Classic S3).

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