USD/JPY resting up below pivot on a down week

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.34, up 0.17% on the day, having posted a daily high at 101.46 and low at 101.09.



USD/JPY sideways channel formed here is stalling the downward momentum in a risk off market while the dollar is also attracting bids and approaching key levels across the board which may offer some support to the USD/JPY. The Market Strategy Team at UOB Group explained that "While the anticipated short-term weakness moved lower than expected, we continue to believe that USD is still trading in a 101.00/102.00 range. Only a clear break below 101.00 would indicate a more sustained mid-term down-move."



USD/JPY Levels



With spot trading at 101.35, we can see next resistance ahead at 101.46 (Daily High) and 101.54 (Hourly 100 SMA). Support below can be found at 101.34 (Daily Classic PP) and 101.08 (Yesterday's Low) and 101.06 (Last weeks low).



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