26 Jun 2014
USD/JPY consolidates in a lower range
FXStreet (Córdoba) - The USD/JPY moved a tad lower Thursday as investors digested a downward revision in US Q1 GDP, although trading remained largely directionless.
The USD/JPY fell to a 2-week low of 101.61 yesterday in the wake of a 2.9% contraction in US GDP, but data failed to produce a major impact in the market and the pair quickly bounced but remained capped by the 101.85 zone. At time of writing, the USD/JPY is trading at 101.75, 0.10% below its opening price, having hit a daily low of 101.68 during the Asian trade.
USD/JPY technical outlook
“The pair still moves within the same borders and keeps the short-term perspective of testing the support zone around the 101.60 level and the uptrend to 103 to be renewed”, said Stoyan Mihaylov, analyst at DeltaStock.com. “A move below 101.40 will neutralise the positive outlook at this time and will expose the next support level at 100.70”.
The USD/JPY fell to a 2-week low of 101.61 yesterday in the wake of a 2.9% contraction in US GDP, but data failed to produce a major impact in the market and the pair quickly bounced but remained capped by the 101.85 zone. At time of writing, the USD/JPY is trading at 101.75, 0.10% below its opening price, having hit a daily low of 101.68 during the Asian trade.
USD/JPY technical outlook
“The pair still moves within the same borders and keeps the short-term perspective of testing the support zone around the 101.60 level and the uptrend to 103 to be renewed”, said Stoyan Mihaylov, analyst at DeltaStock.com. “A move below 101.40 will neutralise the positive outlook at this time and will expose the next support level at 100.70”.