Currency Analyst since 2010

USD/JPY at almost month low

USD/JPY opened this week with a more than 50-pip gap down and will likely show a weekly decline. The pair’s now consolidating just above 97.00. This week US dollar touched the lowest level since the beginning of August at 96.92.

The pair’s under pressure as demand for yen as a safe haven increased amid the concerns about the US government shutdown. In addition, the Bank of Japan left its policy unchanged today and didn’t hint on further easing to come giving an upbeat assessment of the domestic economy.

Support is at 96.90, 96.55 (200-day MA), 96.00, 95.80. Resistance is at 97.45, 97.75 and 98.40.

Chart. Daily USD/JPY

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