USD/JPY trading heavy on 102 handle

By FXstreet.com | August 06, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.10 having posted a daily high at 102.13 and low at 102.08.



USD/JPY dropped below the 102 handle in the US session with there being a mistake made on the desks which rippled through the markets and the greenback took a hit on the back of it. The pair dropped some 50 pips in an instance but then recovered on the 30 minutes sticks and has been pressured there by offers since. Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart a strong downward momentum prevails in indicators, and sellers may surge near 102.35 former support area. “In that case, further slides, down to 101.60 are possible moreover on risk aversion, and despite dollar potential to advance”.



USD/JPY Levels



Spot is presently trading at 102.11, and next resistance can be seen at 102.22 (Daily 200 SMA), 102.31 (Hourly 20 EMA), 102.80, 103.10 and 103.40. Next support to the downside can be found at 102.10 (Daily Open), 102.08 (Low), 101.90 (Daily Classic S3) and 101.60.



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