USD/JPY stubborn on 102

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.18, up 0.03% on the day, having posted a daily high at 102.32 and low at 102.05.

USD/JPY is steady ahead of the FOMC but has been stubborn so far on 102 vs the pressure from the bears. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, for USD/JPY, there is a downside bias. She expects a weekly range to fall between 100.84 and 102.57 (the May 21st low to last week’s high)."USD/JPY is trading close to the top end of our expected range as risk aversion has faded, the Fed is expected to strike a hawkish tone and Japanese data highlights a vulnerable economic backdrop. We are long‐term USD/JPY bulls, expecting it to close the year at 109; but in the near‐term expect it prove somewhat range bound."

USD/JPY Levels

Spot is presently trading at 102.18, and next resistance can be seen at 102.22 (Daily 100 SMA), 102.26 (Yesterday's High), 102.32 (Daily High), 102.33 (Daily Classic R1) and 102.52 (Daily Classic R2). Support below can be found at 102.17 (Hourly 20 EMA), 102.15 (Daily Open), (Hourly 200 SMA), 102.14 (Weekly High) and 102.10 (Weekly Classic PP).

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