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28 Jul 2014
USD/JPY unchanged after US data
FXStreet (Córdoba) - The USD/JPY remained little changed near its opening price following the release of a series of second-tier US data.
While the US Markit services PMI for July came in at 60.9 versus 59.8 expected, pending home sales for June unexpectedly declined by 1.1%. However, the USD/JPY showed virtually no reaction and clang to the 101.75/80 area.
USD/JPY technical outlook
“The USD/JPY trades uneventfully below the 101.95 price zone, 200 DMA. As commented on previous updates, the hourly chart shows price steady above moving averages and indicators flat above their midlines, favoring the upside but lacking strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart indicators stand in positive territory but turning lower, with risk to the downside increasing on a break below 101.60”.
Bednarik locates immediate support levels at 101.60, 101.20 and 101.05, while she places resistances at 101.95, 102.35 and 102.80.
While the US Markit services PMI for July came in at 60.9 versus 59.8 expected, pending home sales for June unexpectedly declined by 1.1%. However, the USD/JPY showed virtually no reaction and clang to the 101.75/80 area.
USD/JPY technical outlook
“The USD/JPY trades uneventfully below the 101.95 price zone, 200 DMA. As commented on previous updates, the hourly chart shows price steady above moving averages and indicators flat above their midlines, favoring the upside but lacking strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart indicators stand in positive territory but turning lower, with risk to the downside increasing on a break below 101.60”.
Bednarik locates immediate support levels at 101.60, 101.20 and 101.05, while she places resistances at 101.95, 102.35 and 102.80.