30 Jun 2014
USD/JPY bounces off 5-week low
FXStreet (Córdoba) - The USD/JPY managed to bounce from a fresh 5-week low and it is trading little changed on the day at the European session start.
The dollar remains under pressure versus the yen and continues to print lower lows on a daily basis, having stretched to a trough of 101.23 before finding support and erasing intraday losses. At time of writing, the USD/JPY is trading at 101.40, exactly where it ended Friday.
The dollar has been on the defensive after a string of disappointing US economic data last week gave investors no reason to think the Fed might be ready to raise rates anytime soon. This week, the US will release the nonfarm payrolls report, which will again be at the centre of attention.
USD/JPY technical levels
As for technical levels, the USD/JPY might find next supports at 101.23 (Jun 30 low), 101.09 (May 19 low) and 101.00 (psychological level). On the flip side, resistances are seen at 101.65 (200-day SMA), 102.20 (100-day SMA) and 102.32 (Jun 18 high).
The dollar remains under pressure versus the yen and continues to print lower lows on a daily basis, having stretched to a trough of 101.23 before finding support and erasing intraday losses. At time of writing, the USD/JPY is trading at 101.40, exactly where it ended Friday.
The dollar has been on the defensive after a string of disappointing US economic data last week gave investors no reason to think the Fed might be ready to raise rates anytime soon. This week, the US will release the nonfarm payrolls report, which will again be at the centre of attention.
USD/JPY technical levels
As for technical levels, the USD/JPY might find next supports at 101.23 (Jun 30 low), 101.09 (May 19 low) and 101.00 (psychological level). On the flip side, resistances are seen at 101.65 (200-day SMA), 102.20 (100-day SMA) and 102.32 (Jun 18 high).