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USD/JPY technical analysis – heavy losses

USD/JPY technical analysis – heavy losses

USD/JPY hit session highs of 102.40 in the European session, but after that a sharp decline drove the pair to 102.05 the weakest level since November 27.

The announcement of ISM’s manufacturing purchasing managers’ index came in at 51.3 for January, down sharply from a reading of 57.0 in December helped the pair to hit the daily lows.

The pair should find support first at 100.96and then at 100.73. On the upside resistance should be met at 101.38 and second resistance at 101.46. Currently the USD/JPY seems to try to rebound from the round number of 101.

Chart_USD_JPY

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