USD/JPY steady below 101.60

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.55, up 0.01% on the day, having posted a daily high at 101.60 and low at 101.53.

The Yen came off yesterday and gave back some of the gains earned during the risk aversion phase on previous sessions of last week, and also noting, that, “Sharper than expected economic slowdown in the US has weighed down on USD/JPY”, as explained by Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ . “The US economy is now expected to expand by around 1.5% in 2014 compared to investor expectations at the start of the year of around 3.0%”.

USD/JPY steady ahead of BoJ

Meanwhile, we will keep an eye on the BoJ and while the majority of market participants are expecting the BoJ Governor Kuroda to hold out acting on any additional monetary stimulus, it wouldn’t be the first time that markets get a surprise and that might come in the form of additions to their Quantitative and Qualitative Easing program.

USD/JPY Levels

Current price is 101.55, with resistance ahead at 101.56 (Daily Classic R3), 101.60 (Daily High), 101.64 (Yesterday's High), 101.70 (Hourly 200 SMA) and 101.74 (Daily 20 SMA). Next support to the downside can be found at 101.54 (Daily Open), 101.53 (Daily Low), 101.52 (Weekly Classic PP), 101.51 (Hourly 20 EMA) and 101.48 (Daily Classic R2).

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