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4 Aug 2014

USD/JPY under pressure in a continuation

FXStreet (Guatemala) - USD/JPY is trading at 102.54, down -0.07% on the day, having posted a daily high at 102.63 and low at 102.50.

USD/JPY is facing a little bit of pressure here after the weaker NFP's and analysts at BBH said that the July jobs data has stopped the dollar's rally in its tracks. “It now appears poised to consolidate its recent gains, and that consolidation phase will translate into a somewhat weaker greenback”. And here , we have Valeria Bednarik, chief analyst at FXStreet who explained repeated failure to advance beyond 103.00 finally took its toll on the USD/JPY down to its mid 102. “Technically, the hourly chart shows indicators turning south after correcting oversold readings, while price finds short term support in a still bullish 100 SMA. In the 4 hours chart indicators present a strong bearish tone around their midlines, suggesting further falls are likely: former strong static resistance at 102.35 is the level to watch as a break below exposes the pair to a run towards 101.60 during the upcoming sessions”.

USD/JPY Levels

Current price is 102.56, with resistance ahead at 102.71 (Hourly 20 EMA) 103.10, 103.40 and 103.80. Next support to the downside can be found at 102.50 (Hourly 100 SMA), 102.35 ,101.95 and 101.60.
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