7 Feb 2014
USD/JPY steadies after roller coaster ride
FXStreet (Córdoba) - Following sharp moves in the wake of the US nonfarm payrolls, the USD/JPY has finally steadied near pre-data figures.
The USD/JPY slumped to 101.46 in the knee-jerk reaction to poor employment data, but quickly shrugged off disappointment and rallied to a fresh high of 102.57 in a 90-minute timeframe, moving in tandem with US yields. The pair seems to have settled around 102.20, where it prints a 0.1% gain on the day and clinging to a weekly rise of 0.2%.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could find immediate resistances at 102.57 (Feb 7 high), 102.92 (Jan 31 high) and 103.00/03 (psychological level/21-day SMA). On the flip side, supports are seen at 101.47 (Feb 7 low), 101.23 (Feb 6 low) and 101.08 (100-day SMA).
The USD/JPY slumped to 101.46 in the knee-jerk reaction to poor employment data, but quickly shrugged off disappointment and rallied to a fresh high of 102.57 in a 90-minute timeframe, moving in tandem with US yields. The pair seems to have settled around 102.20, where it prints a 0.1% gain on the day and clinging to a weekly rise of 0.2%.
USD/JPY levels to watch
In terms of technical levels, the USD/JPY could find immediate resistances at 102.57 (Feb 7 high), 102.92 (Jan 31 high) and 103.00/03 (psychological level/21-day SMA). On the flip side, supports are seen at 101.47 (Feb 7 low), 101.23 (Feb 6 low) and 101.08 (100-day SMA).