USD/JPY heavy on 102 handle

By FXstreet.com | August 01, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.59, down -0.19% on the day, having posted a daily high at 103.05 and low at 102.57.



USD/JPY has been making losses in a continuation of the move post the poorer than expected Nonfarm Payrolls data. James Knightley, analyst at ING explained, “All in all we got today’s report wrong, but we are still very comfortable with our view that labour market slack is shrinking and the improving growth outlook will keep that trend in place. As the pool of available labour continues to shrink we will see wages respond positively and inflation pressures within the economy will build. Consequently, we look for the Federal Reserve’s commentary to gradually shift in the months ahead and favour an early 2Q15 rate hike”.



USD/JPY Levels



Current price is 102.60, with resistance ahead at 102.67 (Daily Classic S1), 102.72 (Yesterday's Low), 102.80 (Monthly High). Next support to the downside can be found at 102.57 (Daily Low), 102.54 (Daily Classic S2), 102.42 (Hourly 100 SMA) and 102.37 (Daily Classic S3).



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