USD/JPY now stable and JPY unwound and now

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.38, up 0.21% on the day, having posted a daily high at 101.46 and low at 101.09.



USD/JPY remains in a neutral position here and isn’t going anywhere currently. Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained, “The yen strengthened, but we continue to read reports that misconstrue the safe haven appeal. The gains in the yen did not seem to be a function of investors fleeing political uncertainty by shifting savings into Japan. Rather, we think that what happens is the risk assets are undermined, and the yen's use as a funding currency is unwound (short-covering)."



USD/JPY Levels



Spot is presently trading at 101.39, and next resistance can be seen at 101.46 (Daily High), 101.51 (Hourly 200 SMA), 101.54 (Hourly 100 SMA). Next support to the downside can be found at 101.36 (Hourly 20 EMA), 101.34 and 101.06 (Last weeks low).



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