FXStreet (Edinburgh) - The Japanese yen is now gathering steam vs. the greenback, dragging the USD/JPY back below the 102.00 mark.

USD/JPY extends the consolidation

The pair is looking to consolidate the leg down from recent multi-week highs near 102.80 (early June), against a backdrop of historically low levels of volatility. According to Shaun Osborne, Chief FX Strategist at TD Securities, “with the sideways trading range quite well-defined here between 100.80 support and 102.80 resistance and short-term trend lines reinforced by the cloud chart resistance in the low 102.00 area on the one hand and 200-day MA in the upper 101 area on the other, a clean break out appears unlikely at this point”.

USD/JPY levels to consider

At the moment the pair is losing 0.04% at 101.84 with the immediate support at 101.74 (low Jun.19) followed by 101.67 (200-d MA) and then 101.60 (low Jun.12). On the upside, a break above 102.14 (high Jun.23) would expose 102.20 (high Jun.20) and finally 102.39 (high Jun.11).

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Trading Center