USD/JPY has a task ahead of 103 resistance

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.97, down -0.37% on the day, having posted a daily high at 102.41 and low at 101.86.



USD/JPY is held up on the drop from 102.30 key supporting areas as bulls step in to support just below the 102 mark. Karen Jones, chief analyst at Commerzbank noted the drop explaining, “USD/JPY has eased lower but remains under pinned (just) by the near term uptrend, which today is located at 102.25. We should see an attempt to tackle resistance circa 103.00”. She sights that directly above here lies the 103.10 2014 resistance line and we suspect the up move will struggle here. “Below the uptrend, the 200 day ma at 101.53 guards the 100.75/77 key support – the 2014 low and 55 week ma. Above 103.10 will target the 104.13 April 2014 high and the 105.45/50 2014 high and long term Fibonacci retracement”.



USD/JPY Levels



Current price is 101.97, with resistance ahead at 102.00 (Daily Classic S2), 102.14 (Hourly 20 EMA), 102.17 (Daily 20 SMA), 102.17 (Daily Classic S1) and 102.21 (Yesterday's Low). Next support to the downside can be found at 101.88 (Weekly Classic S1), 101.86 (Daily Low), 101.79 (Daily Classic S3), 101.54 (Daily 200 SMA) and 101.33 (Monthly Low).



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