USD/JPY steadies near 1-month lows

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The dollar extended losses into a third day versus the yen and fell to a 1-month low Friday after a string of weak US data, gave investors no reason to expect a Fed rate hike anytime soon.



The USD/JPY broke below the 101.50 support area and slid to a low of 101.30, last seen May 21, before finding support and stabilizing in a range. At time of writing, the pair is trading at the 101.35 zone, still down 0.36% on the day.



The US calendar is pretty light for the rest of the day, with only the Reuters/Michigan consumer confidence index to note, which could confine the USD/JPY to rangebound trading into the weekend.



USD/JPY technical levels



As for technical levels, the USD/JPY might find next supports at 101.30 (Jun 27 low), 101.09 (May 19 low) and 101.00 (psychological level). On the flip side, resistances are seen at 102.20 (100-day SMA), 102.32 (Jun 18 high) and 102.56 (Jun 10 high).



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