9 Apr 2014
USD/JPY consolidates around 102.00
FXStreet (Córdoba) - The latest USD/JPY bearish leg finally found support at the 101.55 area Tuesday after dropping more than 250 pips since the non-farm payrolls release.
The USD/JPY bottomed out at 101.54 and bounced modestly although the recovery has remained constrained to the 102.15 zone, confining the pair to a phase of consolidation. Having made a daily high at 102.15 and low at 101.75, USD/JPY spot is up 0.24% on the day and presently trading at 102.05 as investors keep the FOMC in sight.
At 18:00 GMT, the Fed will release the minutes of the Mar 18-19 FOMC meeting when the central bank dropped the 6.5% numerical threshold on the unemployment rate.
USD/JPY levels to watch
In terms of technical levels, next resistance could be faced at 102.17 (Daily High), 102.48 (21-day SMA) and 102.83 (100-day SMA). To the downside next supports are seen at 101.75 (Daily Low) and 101.55 (Apr 8 low).
The USD/JPY bottomed out at 101.54 and bounced modestly although the recovery has remained constrained to the 102.15 zone, confining the pair to a phase of consolidation. Having made a daily high at 102.15 and low at 101.75, USD/JPY spot is up 0.24% on the day and presently trading at 102.05 as investors keep the FOMC in sight.
At 18:00 GMT, the Fed will release the minutes of the Mar 18-19 FOMC meeting when the central bank dropped the 6.5% numerical threshold on the unemployment rate.
USD/JPY levels to watch
In terms of technical levels, next resistance could be faced at 102.17 (Daily High), 102.48 (21-day SMA) and 102.83 (100-day SMA). To the downside next supports are seen at 101.75 (Daily Low) and 101.55 (Apr 8 low).