25 Apr 2014
USD/JPY testing lows near 102.10
FXStreet (Edinburgh) - The Japanese yen is gathering steam vs. the greenback on Friday, dragging the USD/JPY to test intraday lows around 102.15/10.
USD/JPY trims early gains
Positive inflation figures in the Japanese economy during March prompted an early unwind of Japanese longs, lifting spot to the area of 102.50. However, demand for the JPY intensified during the Asian session and it is extending into European trading hours, dragging the pair to intraday lows near 102.10. “USD dropped to a low of 102.09 yesterday, holding just above the key support for our bullish view at 102.00. Despite the rebound from the low, the upward momentum is not strong and only a clear break above the immediate resistant at 102.75 will indicate further USD strength in the days ahead”, noted Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY significant levels
As of writing the pair is losing 0.08% at 102.23 with the next support at 102.09 (low Apr.24) ahead of 101.86 (low Apr.17) and finally 101.81 (low Apr.16). On the flip side, a breakout of 102.49 (high Apr.25) would aim for 102.58 (21-d MA) and then 102.65 (high Apr.24).
USD/JPY trims early gains
Positive inflation figures in the Japanese economy during March prompted an early unwind of Japanese longs, lifting spot to the area of 102.50. However, demand for the JPY intensified during the Asian session and it is extending into European trading hours, dragging the pair to intraday lows near 102.10. “USD dropped to a low of 102.09 yesterday, holding just above the key support for our bullish view at 102.00. Despite the rebound from the low, the upward momentum is not strong and only a clear break above the immediate resistant at 102.75 will indicate further USD strength in the days ahead”, noted Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY significant levels
As of writing the pair is losing 0.08% at 102.23 with the next support at 102.09 (low Apr.24) ahead of 101.86 (low Apr.17) and finally 101.81 (low Apr.16). On the flip side, a breakout of 102.49 (high Apr.25) would aim for 102.58 (21-d MA) and then 102.65 (high Apr.24).