USD/JPY tested on the 102 handle to the downside

By FXstreet.com | June 18, 2014 AAA

FXStreet (Guatemala) - Currently, USD/JPY is trading at 102.06, down -0.08% on the day, having posted a daily high at 102.37 and low at 101.94.

USD/JPY has moved in a relatively narrow range post the FOMC and Yellen. Initially, the market got a little ahead of itself and bought up the greenback, but after the details of the statement were digested properly, a bearish tone was felt for the dollar and the pair slid back to test the 102 handle to the downside. Yellen essentially confirmed that she has little concern for inflation that has rebounded in the past couple of months, although notes that it would be alarming if it were to drop. All in all, this is painting a more bearish outlook for the US dollar in the near term and we can see that across the board.

USD/JPY Levels

Spot is presently trading at 102.06, and next resistance can be seen at 102.07 (Daily Classic PP), 102.09 (Daily 20 SMA), 102.10 (Weekly Classic PP), 102.14 (Weekly High) and 102.15 (Hourly 200 SMA). Support below can be found at 101.98 (Hourly 100 SMA), 101.94 (Daily Low), 101.87 (Daily Classic S1), 101.81 (Yesterday's Low) and 101.70 (Weekly Low).

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