USD/JPY in highs below 102.00

By FXstreet.com | July 03, 2014 AAA

FXStreet (Edinburgh) - The greenback is picking up pace vs. the Japanese yen on Thursday, lifting the USD/JPY to intraday highs just below the 102.00 handle.

USD/JPY looks to Payrolls

Spot saw its strength renewed on Wednesday following auspicious data from the US economy, while a good number in today’s US Payrolls would certainly give extra oxygen to the USD, and thus propel spot beyond 102.00 the figure. “USD-JPY continued to firm in tandem with UST yields providing a tailwind on Wednesday and implicit appetite for the USD ahead of the NFP may keep a bid under the pair in the interim. Initial resistance is expected at the 55-day MA (102.02) while the 200-day MA (101.77) and then 101.50 may support on initial dips”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

USD/JPY levels to consider

The pair is now advancing 0.15% at 101.94 facing the next hurdle at 102.02 (Kijun Sen) ahead of 102.17 (high Jun.24) and finally 102.20 (high Jun.20). On the flip side, a breakdown of 101.41 (low Jul.2) would aim for 101.29 (low Jul.1) and then 101.24 (low Jun.30).

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