USD/JPY remains in the range despite data flows

By FXstreet.com | July 25, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.78, down -0.01% on the day, having posted a daily high at 101.95 and low at 101.71.

USD/JPY is a non-mover yet again, stuck in the rage while it remains soft looking. Meanwhile, daily RSI is in neutral territory at 53.28. On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 101.68, up from the previous hour close at 101.53. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that headline CPI printed at 3.6%y/y, ex fresh food was at 3.3%y/y and ex food and energy was at 2.3%y/y. “The release is still distorted from the impact of the consumption tax; but has provided evidence of firming prices in Japan. From the BoJ perspective this likely provides some cover from having to turn towards more aggressive policy in the near-term; however developments to date still suggest that further JPY weakness will be an important piece.

USD/JPY Levels

With spot trading at 101.78, we can see next resistance ahead at 101.87 (Yesterday's High) and 101.95 (Daily High). Support below can be found at 101.75 (Weekly Classic R1), 101.61 (Daily 20 SMA) and 101.56 (Hourly 100 SMA).

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