USD/JPY dips to lows around 101.50

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The greenback is now losing the grip against the Japanese yen on Wednesday, dragging the USD/JPY to test intraday lows in the mid-101.00s.



USD/JPY looking to ADP report



Absent a relevant docket from the Japanese economy, markets will turn their attention to the release of the ADP Employment report in the US, with consensus expecting the private sector to have added 205K jobs during June. “With carry dominating in the near term, the pair may remain slightly supported while also continuing to take cues from the broad dollar’s pulse. Expect the 200-day MA (101.75) to put a lid on the pair for now while close proximity support is expected on approach of 101.20”, observed Emmanuel Ng, FX Strategist at OCBC Bank.



USD/JPY levels to watch



At the moment the pair is losing 0.01% at 101.50 with the immediate support at 101.29 (low Jul.1) followed by 101.24 (low Jun.30) and finally 101.00 (psychological level). On the flip side, a breakout of 101.70 (Ichimoku Cloud Base) would target 101.72 (Tenkan Sen) en route to 101.75 (200-d MA).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY returns to 119.40

  2. Forex News

    Outlook for FX majors – Littlefish FX

  3. Forex News

    USD/JPY runs into sellers at session high

  4. Forex News

    USD/JPY extends beyond 119.50

  5. Forex News

    Broad USD strength drives Asia, ZEW eyed amid data-thin EUR calendar

Trading Center