USD/JPY dropping like a stone below 102

By FXstreet.com | August 06, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.06, down -0.52% on the day, having posted a daily high at 102.66 and low at 101.78.



USD/JPY has dropped on a broad base dollar sell off and tested below the 102 handle. There has not been any confirmation still of why this move has occurred, seemingly starting in the Yen with the pair dropping 50 pips in a blink of an eye. Meanwhile, the major risk for USD/JPY of late has been in relation to the on-going tensions geopolitically around the world. Keeping ears to the ground for an update….



USD/JPY Levels



With spot trading at 102.07, we can see next resistance ahead at 102.22 (Daily 200 SMA) and 102.39 (Hourly 200 SMA). Support below can be found at 101.90 (Daily Classic S3), 101.88 (Weekly Classic S1), 101.78 (Daily Low), 101.18 (Monthly Low) and 101.13 (Weekly Classic S2).



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