FXStreet (Edinburgh) - Renewed risk aversion is now dragging the USD/JPY to test intraday lows in the 101.35/30 band so far.



USD/JPY in weekly lows



Spot is extending its march south, losing ground since Monday and correcting lower from last week’s tops near 102.30. Of note in the data front, Consumer Confidence in the Japanese economy ticked higher to 41.1 in June, surpassing both forecasts and May’s print. “Continue to fade upticks in the pair in the near term given that the greenback remains out of favor. Expect the 200-day MA (101.87) to continue to loom above the pair while near term risks may remain skewed towards another test of the 101.20 neighborhood”, noted Emmanuel Ng, FX Strategist at OCBC Bank.



USD/JPY relevant levels



At the moment the pair is losing 0.32% at 101.28 with the next support at 101.24 (low Jun.30) ahead of 101.00 (psychological level) and finally 100.81 (low May 21). On the upside, a break above 101.66 (high Jul.10) would expose 101.87 (high Jul.9) and then 101.92 (high Jul8).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY hits fresh 12-yr highs at 124.39, back at 124.20

  2. Forex News

    ‘We don't think there is any asset bubble or stock market bubble’ – BOJ Governor ...

  3. Forex News

    USD/JPY attempts a bounce to 124.30

  4. Forex News

    USD/JPY could extend the upside to 126.00 in the medium term – Rabobank Jane Foley, ...

  5. Forex News

    USD/JPY seen at 127.00 in 12-month – Danske Bank

Trading Center