USD/JPY flirting with 102.00

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Edinburgh) - The bid tone surrounding the greenback is now lifting the USD/JPY back to the boundaries of the 102.00 handle on Tuesday.



USD/JPY stronger on risk, Japanese docket



A generalized better sentiment towards the risk appetite plus softer than expected labour market figures is collaborating with the JPY weakness today, allowing spot to reach the vicinity of 102.00 the figure. “The BoJ expects that the tightening in labour market conditions will steadily place upward pressure on wages helping to lift inflation towards their 2.0% target… At the current juncture we do not expect the BoJ to increase the pace of asset purchases before year end”, signalled Lee Hardman, Currency Analyst at BTMU.



USD/JPY relevant levels



The pair is now up 0.10% at 101.96 facing the next hurdle at 102.01 (high Jul.29) ahead of 102.10 (200-d MA) and then 102.27 (high Jul.3). On the flip side, a breakdown of 101.70 (low Jul.25) would expose 101.67 (Kijun Sen) and finally 101.64 (21-d MA).



You May Also Like

Related Forex Analysis
  1. Investing

    USD/JPY Rallies During Trading Session

  2. Forex News

    USD/JPY declines with US treasury yields

  3. Forex News

    EUR/JPY recovery may continue – Varengold

  4. Forex News

    Shanghai remains in retreat – TradeTheNews

  5. Forex News

    USD/JPY Technical Analysis: Resistance Above 122.00 Eyed

Trading Center