USD/JPY enjoys a quiet phase

By FXstreet.com | July 11, 2014 AAA

FXStreet (Córdoba) - The USD/JPY managed to stabilize after yesterday's sharp sell-off sent the pair to fresh 7-week lows in a spike of risk aversion.



The USD/JPY bottomed out at 101.05 and bounced to settle inside a slim range just above 101.20. Having spent the last sessions within the mentioned range, the pair is currently trading at 101.28, virtually unchanged on the day.

USD/JPY technical perspective



"The downtrend from 102.25 is intact and current rebound above 101.05 low should be limited below 101.43 resistance before next leg downwards, to 100.70", said Stoyan Mihaylov, analyst at DeltaStock. "Crucial on the upside is 101.85 high".



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