27 May 2014
USD/JPY reaches 2-week high after solid US data
FXStreet (Córdoba) - The USD/JPY hit fresh 2-week highs past the 102.00 mark as the dollar was underpinned by solid US economic data and rising stocks.
The USD/JPY pierced the 102.00 level and reached a high of 102.12 after data showed US consumer confidence rose to 83.0 as expected while the Richmond Fed manufacturing index stood at 7 versus 5 expected. Earlier, data showed US durable goods orders grew 0.8%, much more than expected.
At time of writing, the USD/JPY is trading at the 102.10 area, recording a 0.17% gain on the day. However, from a wider perspective, the pair has lacked momentum to break out from its comfort zone between 101.10 and 102.35, where it has been trading over the past few weeks.
USD/JPY technical levels
In terms of technical levels, if the USD/JPY breaks decisively above 102.15, next resistances are seen at 102.23 (50-day SMA) and 102.35 (May 13 high). On the flip side, supports are now seen at 101.72/68 (May 27 low/10-day SMA), 101.35 (May 13 low) and 101.09 (May 19 low).
The USD/JPY pierced the 102.00 level and reached a high of 102.12 after data showed US consumer confidence rose to 83.0 as expected while the Richmond Fed manufacturing index stood at 7 versus 5 expected. Earlier, data showed US durable goods orders grew 0.8%, much more than expected.
At time of writing, the USD/JPY is trading at the 102.10 area, recording a 0.17% gain on the day. However, from a wider perspective, the pair has lacked momentum to break out from its comfort zone between 101.10 and 102.35, where it has been trading over the past few weeks.
USD/JPY technical levels
In terms of technical levels, if the USD/JPY breaks decisively above 102.15, next resistances are seen at 102.23 (50-day SMA) and 102.35 (May 13 high). On the flip side, supports are now seen at 101.72/68 (May 27 low/10-day SMA), 101.35 (May 13 low) and 101.09 (May 19 low).