USD/JPY drops below 102.00

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The US dollar is losing the grip at the beginning of the week, dragging the USD/JPY to test lows in sub-102.00 levels.



USD/JPY back from post-NFP peaks



Spot continues to retrace recent tops around 102.30 after June’s Payrolls in the US economy surprised investors to the upside last Thursday. It will be a light week data wise in the US, with the main event being the FOMC minutes due on Wednesday. “. However, it is unlikely that the minutes will provide much further insight into the Fed’s policy outlook on top of the already released statement, updated economic projections, and press conference by Fed Chair Yellen which followed their last meeting”, noted Lee Hardman, Currency Strategist at BTMU.



USD/JPY levels to watch



The pair is now losing 0.14% at 101.93 with the immediate support at 101.76 (low Jul.3) ahead of 101.75 (Tenkan Sen) and finally 101.41 (low Jul.2). On the flip side, a breakout of 102.22 (high Jul.4) would open the door to 102.27 (high Jul.3) and then 102.39 (high Jun.11).



Related Forex Analysis
  1. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  2. Yen Looks Past Japan Recession and Election Risk, Sentiment Trends Key
    Forex News

    Yen Looks Past Japan Recession and Election Risk, Sentiment Trends Key

  3. Trading Video: Officials Trigger Volatility for Euro, Yen and Dollar
    Forex News

    Trading Video: Officials Trigger Volatility for Euro, Yen and Dollar

  4. Strategy Video: A Volatile Thanksgiving Week for FX?
    Forex News

    Strategy Video: A Volatile Thanksgiving Week for FX?

  5. USD/JPY consolidates below 118.00
    Forex News

    USD/JPY consolidates below 118.00

Trading Center