USD/JPY weighed by US yields and stocks

By FXstreet.com | July 08, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.53, down -0.32% on the day, having posted a daily high at 101.92 and low at 101.49.

USD/JPY is consolidating further downside pressures and Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY trades around its daily low set at 101.48, also weighted by US yields and stocks. “The post US employment data rally was short lived and for what price shows, not enough to revert yen latest strength: risk to the downside in the midterm has increased with this break lower towards 100.70 this year lows. In the short term, the hourly chart shows price extending below 100 and 200 SMAs, while momentum maintains a clear bearish tone, supporting more slides ahead. In the 4 hours chart technical readings present a strong bearish momentum, also favoring lower lows for the day”.

USD/JPY Levels

Current price is 101.53, with resistance ahead at 101.68 (Hourly 20 EMA), 101.68 (Daily Classic S1), 101.71 (Hourly 200 SMA), 101.78 (Yesterday's Low) and 101.80 (Daily 200 SMA). Next support to the downside can be found at 101.53 (Weekly Low), 101.51 (Daily Classic S2), 101.49 (Daily Low), 101.45 (Weekly Classic S1) and 101.33 (Monthly Low).

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