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).