USD/JPY ticking up but pressures remain on downside

By FXstreet.com | July 22, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.51, up 0.05% on the day, having posted a daily high at 101.53 and low at 101.45.



USD/JPY might be looked at with in mind that the moving averages are falling and capping any attempt on the upside each time USD/JPY moves lower and with momentum indicators turning more negative it could be offering an opportunity to be selling on rallies. We have the Nikkei now open and up 0.16% but the day ahead holds nothing from Japan and despite a tick up, we are probably looking to remain within a tight sideways formation on the hourly chart around the mid point of this current handle.



USD/JPY Levels



Spot is presently trading at 101.51, and next resistance can be seen at 101.60 (Daily 20 SMA) 101.68 (Weekly High). Support below can be found at 101.47 (Hourly 20 EMA) and 101.45 (Daily Low).



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