USD/JPY lacking conviction

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.65, down -0.21% on the day, having posted a daily high at 101.88 and low at 101.49.



USD/JPY has been able to make a convincing come back off the weeks low although FX Strategists at the Bank of Tokyo Mitsubishi UFJ explained the US 10 year treasury yield hit an intra-day low of 2.5259 this week on poor US Q1 real GDP, the US two year T-bill rate stayed steady at the 0.5% level, which supported USD/JPY buying. “In addition, USD risk reversal moved in favour of USD calls short term. In the forthcoming week, improvements in the ISM and NFP may also support USD/JPY buying over the 102-level"



USD/JPY Levels



Spot is presently trading at 101.65, and next resistance can be seen at 101.66 (Daily Classic S1), 101.68 (Daily 200 SMA), 101.70 (Monthly Low), 101.73 (Weekly Classic S1) and 101.73 (Hourly 20 EMA). Support below can be found at 101.62 (Yesterday's Low), 101.49 (Daily Low), 101.45 (Daily Classic S2), 101.39 (Weekly Classic S2) and 101.28 (Daily Classic S3).



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