USD/JPY showing strong upside potential - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY advanced on yen weakness, with the pair stalling at 101.60 strong static resistance zone.



Key Quotes:



“Consolidating right below early Asia, the BOJ will have an economic policy statement with a press conference included, which may bring some action to the pair, albeit chances are limited as no news are expected there”.



“Technically, the short term picture shows indicators losing upward strength in positive territory, with 100 SMA now offering some intraday support around 101.40”.



“In the 4 hours chart however, the pair presents a strong upward momentum, which supports an upward continuation in the pair on a break above mentioned resistance”.



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