USD/JPY finishing up negative on the week

FXStreet (Guatemala) - USD/JPY is trading at 101.52, down -0.05% on the day, having posted a daily high at 101.69 and low at 101.36.

The JPY remains up on the safe-haven demand for the currency while Derek Halpenny, analyst at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained the yen remains well underpinned at present and we see little chance of that changing over the very near-term. Yields are falling in all the other major economies at present while the GDP data yesterday will at least for the time being reinforce the building view that the BOJ will not aggressively ease its monetary policy stance further. “We still believe further action is probable but for now with Governor Kuroda expressing confidence in reaching the 2% inflation target, expectations are receding”.

USD/JPY Levels

Spot is presently trading at 101.53, and next resistance can be seen at 101.58 (Monthly Low), 101.58 (Weekly Low), 101.59 (Daily Open), 101.67 (Daily Classic PP) and 101.69 (Daily High). Support below can be found at 101.52 (Hourly 20 EMA), 101.43 (Weekly Classic S1), 101.36 (Daily Low), 101.31 (Yesterday's Low) and 101.22 (Daily Classic S1).

USD/JPY charts formations

Regarding candlestick formations, we can see Hammer formation on the 1-hour.