23 May 2014
USD/JPY capped by 102.00
FXStreet (Edinburgh) -The bullish momentum around the US dollar is pushing the USD/JPY back to the boundaries of 102.00 the figure on Friday.
USD/JPY in weekly highs
After testing the key region near 2014 lows at 100.75, spot sparked a correction higher to current weekly tops just pips away from the 102.00 handle. Next of note for the pair will be US New Home Sales in April (425K exp.) ahead of Sunday’s BoJ minutes. “Despite overbought conditions, the current USD rally appears incomplete. Expect 101.45 to hold for further up-move towards 101.95/00 but a clear break above this level is unlikely for now”, observed Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to watch
The pair is now advancing 0.17% at 101.91 with the immediate resistance at 102.00 (psychological level) followed by 102.13 (high May 15) and finally 102.28 (high May 14). On the flip side, a breach below 101.59 (low May 23) would open the door to 101.36 (low May 22) and then 100.81 (low May 21).
USD/JPY in weekly highs
After testing the key region near 2014 lows at 100.75, spot sparked a correction higher to current weekly tops just pips away from the 102.00 handle. Next of note for the pair will be US New Home Sales in April (425K exp.) ahead of Sunday’s BoJ minutes. “Despite overbought conditions, the current USD rally appears incomplete. Expect 101.45 to hold for further up-move towards 101.95/00 but a clear break above this level is unlikely for now”, observed Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to watch
The pair is now advancing 0.17% at 101.91 with the immediate resistance at 102.00 (psychological level) followed by 102.13 (high May 15) and finally 102.28 (high May 14). On the flip side, a breach below 101.59 (low May 23) would open the door to 101.36 (low May 22) and then 100.81 (low May 21).