6 Feb 2014
USD/JPY consolidates around 101.50
FXStreet (Córdoba) - The USD/JPY, as most pairs in the FX market, has enjoyed a phase of consolidation as investors gear up for central banks' decisions and the US nonfarm payrolls tomorrow.
After piercing below 101.00 Wednesday, the USD/JPY managed to bounce off the 100.75/80 area to settle in a slim range where it has spent the last sessions, unable to gather momentum. At time of writing, the USD/JPY is trading at the 101.50 zone, virtually unchanged since opening.
USD/JPY technical perspective
"The consolidation pattern above 100.74 is still underway and I favor one more upswing towards 101.90 resistance area before next leg downwards, to 99.00 zone", says Stoyan Mihaylov, analyst at DeltaStock.com.
After piercing below 101.00 Wednesday, the USD/JPY managed to bounce off the 100.75/80 area to settle in a slim range where it has spent the last sessions, unable to gather momentum. At time of writing, the USD/JPY is trading at the 101.50 zone, virtually unchanged since opening.
USD/JPY technical perspective
"The consolidation pattern above 100.74 is still underway and I favor one more upswing towards 101.90 resistance area before next leg downwards, to 99.00 zone", says Stoyan Mihaylov, analyst at DeltaStock.com.