USD/JPY slips below 101.00, nears key Fibo support

Bid tone around Yen gathered pace following BOJ Iwata’s comments, sending the Dollar-Yen pair below 100.00 mark and closer to 100.71 (50% of 2011 low – 2015 high).

Rejected at hourly 50-MA

Uptick in early Asia ran out of steam near hourly 50-MA (then seen at 101.38) following which the Yen bulls started making their presence felt. BOJ’s Iwata was on the wires reiterating the same old message, which failed to impress the markets.

Consequently, USD/JPY dropped to a low of 100.86 levels before trimming gains to trade around 101.00 levels.

USD/JPY Technical Levels

Acceptance above 101.33 (hourly 50-MA) would expose 102.05 (hourly 100-MA). A break higher could yield 102.83 (Aug 1 high). On the other hand, a breakdown of support at 100.71 (50% of 2011 low – 2015 high) would open doors for 100.00 levels, under which the spot may target 98.787 (June 24 low).