USD/JPY takes a roundtrip to lows after US data

By FXstreet.com | July 22, 2014 AAA

FXStreet (Córdoba) - The USD/JPY oscillated up and down following the release of the latest series of US data, but remained within a short distance of 101.50.



The USD/JPY spiked to a 5-day high of 101.59 as a knee-jerk reaction to CPI figures but was rejected and retreated all the way back to 101.32 before better-than-expected existing home sales and Richmond Fed manufacturing data got the pair afloat. At time of writing, the USD/JPY is trading at 101.55, just where it was at the beginning of the session and 0.17% above its opening price.



USD/JPY technical outlook

Valeria Bednarik, chief analyst at FXStreet notes the pair keeps a short-term bearish tone, although “a break either above 101.60 or below 101.20 is required to set a clearer intraday picture”.



USD/JPY levels to watch



In terms of technical levels, immediate resistances are seen at 101.60 (21-day SMA), 101.78 (Jul 16 high) and 101.93 (200-day SMA). On the other hand, supports could be found at 101.19 (Jul 21 low), 101.08/05 (Jul 18 & 10 lows) and 100.81(May 21 low).



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