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28 Feb 2014
USD/JPY remains capped by 102.00
FXStreet (Córdoba) - The yen resumed its advance against the greenback and dragged the USD/JPY back to the lower side of today's range as risk aversion keeps driving investors into safe havens.
The USD/JPY extended losses into a second day Friday and broke below the 100-day SMA to hit an 11-day low of 101.55. The pair managed to bounce but the recovery was capped by the 101.90 zone, confining the USD/JPY to a phase of consolidation. At time of writing, the USD/JPY is trading around 101.70, recording a 0.4% decline on the day ahead of the US GDP revision for Q4 2013.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could find immediate supports at 101.55 (Feb 28 low), 101.38 (Feb 17 low) and 101.23 (Feb 6 low). On the flip side, resistances are seen at 102.19 (Feb 28 high), 102.44 (Feb 27 high) and 102.60 (Feb 26 high).
The USD/JPY extended losses into a second day Friday and broke below the 100-day SMA to hit an 11-day low of 101.55. The pair managed to bounce but the recovery was capped by the 101.90 zone, confining the USD/JPY to a phase of consolidation. At time of writing, the USD/JPY is trading around 101.70, recording a 0.4% decline on the day ahead of the US GDP revision for Q4 2013.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could find immediate supports at 101.55 (Feb 28 low), 101.38 (Feb 17 low) and 101.23 (Feb 6 low). On the flip side, resistances are seen at 102.19 (Feb 28 high), 102.44 (Feb 27 high) and 102.60 (Feb 26 high).