USD/JPY pops up a little higher

By FXstreet.com | August 13, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.47, up 0.06% on the day, having posted a daily high at 102.49 and low at 102.40.



USD/JPY is has been on the whole bid since the economic disappointments of late from Japan of yesterday and todays business. Ipek Ozkardeskaya, FX Analyst at Swissquote Bank explained that the pair has been stuck between 100.76/105.44 since 2014 began and the range narrows as speculations for more stimulus fade. “In the near term, we will be monitoring a breakout from 100.76/103.02 range to talk about fresh direction. Option bids dominate above 103.00/50 for month ahead. We still favor the long-side of the play mostly believing that Abe is not ready to abandon his fight to fuel the Japanese economy. In case the markets reverse tendency, more stimulus, sooner tax action (or new measures) should come to rescue to cool down a potential JPY strength”.



USD/JPY support and resistance levels



Support levels: 102.30 101.95 101.60



Resistance levels: 102.80 103.10 103.45



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