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19 May 2014
USD/JPY on its way to 101.00?
FXStreet (Edinburgh) - The US/JPY is now intensifying its intraday decline, hovering over the 101.10 area, levels last seen in early February.
USD/JPY in multi-week lows
The Japanese yen is clearly appreciating against the greenback at the beginning of the week, dragging spot to extend its correction lower from late-April peaks in levels just shy of 103.00 the figure. In the domestic data front, above-expectations Machinery Orders in March are also adding to the bullishness around the yen today. “Waning downward momentum suggests that the downside risk is likely limited to a retest of Friday’s low near 101.35 but this should be followed by a rebound towards 101.80”, commented Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to watch
As of writing the pair is losing 0.33% at 101.15 with the next support at 100.765 (2014 low Feb.4) ahead of 100.63 (2013 high Sep.11) and then 100.00 (psychological level). On the upside, a breakout of 101.60 (high May 19) would aim for 101.75 (Tenkan Sen) and finally 101.77 (10-d MA).
USD/JPY in multi-week lows
The Japanese yen is clearly appreciating against the greenback at the beginning of the week, dragging spot to extend its correction lower from late-April peaks in levels just shy of 103.00 the figure. In the domestic data front, above-expectations Machinery Orders in March are also adding to the bullishness around the yen today. “Waning downward momentum suggests that the downside risk is likely limited to a retest of Friday’s low near 101.35 but this should be followed by a rebound towards 101.80”, commented Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to watch
As of writing the pair is losing 0.33% at 101.15 with the next support at 100.765 (2014 low Feb.4) ahead of 100.63 (2013 high Sep.11) and then 100.00 (psychological level). On the upside, a breakout of 101.60 (high May 19) would aim for 101.75 (Tenkan Sen) and finally 101.77 (10-d MA).