USD/JPY rises above 101.50

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The USD/JPY managed to advance somewhat during the European session buoyed by the improvement in risk sentiment and hit a 4-day high before losing momentum.



The USD/JPY climbed to a peak of 101.57 but is having a hard time finding follow through with no much in the data front to give the pair a boost during the NY trade but the BoJ will decide on monetary policy next Asian session. The USD/JPY is consolidating near highs at the 101.50 area ahead of the Wall Street opening, recording a 0.18% gain on the day.



USD/JPY technical outlook



“The intraday bias is positive, but the downtrend from 102.25 high is still intact, so my outlook is bearish, for a slide towards 100.70”, said Stoyan Mihaylov, analyst at DeltaStock.com. “Crucial on the upside is 101.85”.



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