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12 Aug 2014
USD/JPY awaits key events in Asia
FXStreet (Guatemala) - USD/JPY is trading at 102.23, up 0.03% on the day, having posted a daily high at 102.38 and low at 102.09.
USD/JPY remains trading in its narrow range with a lack of key drivers in the US shift. However, things should get busier in Asia with the release of Japan's second-quarter GDP. Analysts at TD Securities explained that the market is –7% q/q ann., after +6.7% q/q ann. in Q1, with a wide range of –4.4% to –9.2%. “This will be the preamble for a raft of data to be released over the next three days across G10. We would have to get a very disappointing reckoning to see USD/JPY break above 103, while a positive surprise will likely prove insufficient to yield a break below 101.30 keeping the long-standing support at 100.75 safe”.
USD/JPY support / resistance levels
Support levels: 101.95, 101.60 and 101.20.
Resistance levels: 102.35, 102.80 and 103.10.
USD/JPY remains trading in its narrow range with a lack of key drivers in the US shift. However, things should get busier in Asia with the release of Japan's second-quarter GDP. Analysts at TD Securities explained that the market is –7% q/q ann., after +6.7% q/q ann. in Q1, with a wide range of –4.4% to –9.2%. “This will be the preamble for a raft of data to be released over the next three days across G10. We would have to get a very disappointing reckoning to see USD/JPY break above 103, while a positive surprise will likely prove insufficient to yield a break below 101.30 keeping the long-standing support at 100.75 safe”.
USD/JPY support / resistance levels
Support levels: 101.95, 101.60 and 101.20.
Resistance levels: 102.35, 102.80 and 103.10.