USD/JPY holding fast ahead of lows on the open

By FXstreet.com | Updated August 28, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.72, down 0.00% on the day, having posted a daily high at 103.76 and low at 103.66.



After a blend of economic data from Japan, the market in USD/JPY is stable but still coming bearish. Karen Jones, chief analyst at Commerzbank noted that minor support below current levels comes in around the July peak at 103.15. “The current August high at 104.49 is regarded as the last defence for the 105.45 2014 high. We will retain our bullish view while USD/JPY remains above the current August low at 101.51”. We will now be focused upon the US session and data releases there. There will be particular interest paid in the core PCE deflator for July, the Fed’s preferred inflation measure as Sean Callow, analyst at Westpac Banking Corporation ABN suggested and said this is seen up 0.1% m/m, 1.5% y/y, unchanged from June.



USD/JPY support and resistance



Support levels: 103.55 103.20 102.85



Resistance levels: 104.20 104.50 104.80



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