USD/JPY testing fresh lows near 101.30

By FXstreet.com | July 10, 2014 AAA

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).



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