FXStreet (Edinburgh) - The Japanese yen is losing some momentum vs. its American counterpart on Monday, extending the bounce off lows near 101.20 to current levels below 101.40.

USD/JPY focus on geopolitical jitters

Tensions stemming from the Middle East and the Ukraine-Russia-MH17 scenario have been supporting the appetite for the safe haven JPY overnight, surrendering earlier gains and lifting spot to the upper band of the today’s range at the moment. Next of note in the Japanese docket will be tomorrow’s key All Industry Activity index followed by inflation figures in the US economy. In the view of Quek Ser Leang, Market Strategist at UOB Group, “USD traded in a tight range last Friday. The current quiet sideway trading will likely persist for today, expect 101.20/101.45 range”.

USD/JPY key levels

At the moment the pair is losing 0.02% at 101.33 with the immediate support at 101.10 (55-w MA) followed by 100.75 (2014 low). On the flip side, a breakout of 101.61 (20-d MA) would expose 101.84 (55-d MA).

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