USD/JPY lacks momentum

By FXstreet.com | July 28, 2014 AAA

FXStreet (Córdoba) - The USD/JPY pushed higher at the beginning of the European session and climbed to fresh daily highs, although moves remained constrained to familiar ranges.



Yen crosses' timid moves are providing ‘volatility’ to the summer lethargy as most pairs continue to tread water in relatively tight ranges. However, the USD/JPY has only risen 15 pips from lows to hit a high of 101.87 in recent dealings before quickly losing momentum.



USD/JPY technical levels



At time of writing, the USD/JPY is trading at 101.85, a few pips above its opening price, with next resistances lining up at 101.93 (Jul 25 high), 102.00 (psychological level) and 102.25 (Jul 3 high). On the other hand, supports are seen at 101.70 (Jul 25 low), 101.55 (10-day SMA) and 101.40 (Jul 24 low).



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