FXStreet (Córdoba) - The USD/JPY advanced slightly during a fairly uneventful Asian session, in the absence of any regional data releases or news.
The USD/JPY fell to a low of 101.80 on a bout of yen demand, but it bounced to a high of 101.96 helped by Nikkei turning positive. However, moves remain constrained within familiar ranges, with the pair unable to pick up momentum either side. At time of writing, the USD/JPY is trading at 101.95, just 0.05% above its opening price.
USD/JPY technical outlook
“In the short-term, the support zone around the 101.60 level is expected to hold and the uptrend to 103 to be renewed”, said Stoyan Mihaylov, analyst at DeltaStock.com. “A move below 101.40 will neutralise the positive outlook at this time and will expose the next support level at 100.70”.