USD/JPY gaining on yesterday’s business

By FXstreet.com | July 09, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.71, up 0.14% on the day, having posted a daily high at 101.75 and low at 101.45.



USD/JPY is still trading within a multi‐month range and we now await the FOMC minutes. Analysts at TD Securities said, “We know the Fed and Yellen are nevertheless gaining confidence in moving toward both inflation and employment objectives. This will be reflected in the tone of these minutes. If past is prologue then the recent price action since Friday suggests Treasuries are vulnerable today. In each of the past 6 FOMC Minute releases the 10yr yield has moved higher, by an average of 4bps. 5yr yields have outperformed over these same dates, rising by an average of 2 bps”.



USD/JPY Levels



Current price is 101.71, with resistance ahead at 101.75 (Daily High), 101.82 (Daily 200 SMA), 101.83 (Daily Classic R1), 101.86 (Daily 20 SMA) and 101.87 (Weekly Classic PP). Next support to the downside can be found at 101.71 (Hourly 200 SMA), 101.66 (Hourly 20 EMA), (Daily Classic PP), 101.58 (Daily Open) and 101.58 (Weekly Low).



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