USD/JPY sideways into closing hours; investor jitters prevail

By FXstreet.com | July 11, 2014 AAA

FXStreet (Barcelona) - USD/JPY is trading at 101.33, down -0.01% on the day, having posted a daily high at 101.40 and low at 101.21.



Japan’s currency, JPY, is underpinned by investors jitters as a safe haven while markets are still focusing on Portuguese bank Banco Espirito (BES). However, analysts at TD Securities explained that the panic of yesterday has subdued a little as the Bank of Portugal stated that BES had enough capital. “This has led to Portuguese spreads to bunds narrowing around 10bps on the day but the spread is still around 30bps wider than last week. Portuguese stocks are over 2% higher on the day and have led European stocks higher”.



USD/JPY Levels



With spot trading at 101.33, we can see next resistance ahead at 101.34 (Weekly Low), 101.34 (Daily Open), 101.36 (Daily Classic PP), 101.40 (Daily High) and 101.45 (Weekly Classic S1). Support below can be found at 101.33 (Monthly Low), 101.32 (Hourly 20 EMA), 101.21 (Daily Low), 101.07 (Yesterday's Low) and 101.04 (Daily Classic S1).



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