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USD/JPY supported while Japans outlook weighs on JPY

FXStreet (Guatemala) - USD/JPY is trading at 102.48, up 0.06% on the day, having posted a daily high at 102.67 and low at 102.31.

USD/JPY moves within familiar ranges while Kenny Fisher, foreign exchange analysts at MarketPulse noted that the the Japanese economy contracted in the second quarter by 1.7%, its first decline since 2012 and noted that the yen managed to shrug off the bad news, as the markets had expected this figure. “Still, negative growth does not bode well for the Japanese currency, which continues to trade above the 102 line”. She added that the weak manufacturing numbers are another indication of weakness in the Japanese economy and said that this could drag down the yen.

USD/JPY hourly levels

With spot trading at 102.48, we can see next resistance ahead at 102.67 (Daily High), 102.74 (Daily Classic R2) and 102.80 (Monthly High). Support below can be found at 102.45 (Hourly 20 EMA), 102.42 (Daily Open), 102.40 (Daily Classic PP) and 102.33 (Daily 200 SMA).

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