USD/JPY expect to see a continued narrow range

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemla) - USD/JPY is trading at 101.92, down -0.15% on the day, having posted a daily high at 102.15 and low at 101.82.



While the USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, the FXStreet Trend Index is still slightly bullish. Quek Ser Leang, Market Strategist at UOB Group explained that the neutral outlook, expect trading to be confined to 101.40/102.60 for this week. "USD/JPY is trading in a neutral contracting range. The recent narrow ranges will likely persist for this week, expect trading to be confined to a 101.40/102.60 range."



USD/JPY Levels



With spot trading at 101.92, we can see next resistance ahead at 101.98 (Hourly 200 SMA), 102.01 (Hourly 100 SMA), 102.03 (Daily Classic PP) and 102.05 (Weekly Classic PP). Support below can be found at 101.85 (Daily Classic S1), 101.84 (Weekly Low), 101.82 (Daily Low), 101.81 (Yesterday's Low) and 101.73 (Weekly Classic S1).



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