Amid persisting risk-off sentiment across the Asian markets, the safe-haven yen continues to remain in demand against its American counterpart, keeping USD/JPY in the red zone.
USD/JPY holds above hourly 200-SMA
The dollar-yen pair continues to trade in a narrow range so far this week, and now moves back and forth in a less than 20-pips slim range amid increased nervousness ahead of the Fed Symposium – Day 2 and Yellen’s speech.
Adding to the lacklustre trading in USD/JPY, the Asian equities remain on the back foot, which offers some support to the Yen bulls, While the yen markets appear to have ignored downbeat Japanese CPI releases. At the time of writing, USD/JPY trades -0.07% lower at 100.46, while the Nikkei 225 drops nearly -1% to 16,400 levels.Meanwhile, markets digest the latest Fed speaks and upbeat US durable goods data, with all eyes set on the US GDP figures ahead of Fed Chair Yellen’s speech scheduled this Friday.
USD/JPY Technical levels to watch
In terms of technicals , the immediate resistance is located at 100.62 (key resistance). A break above the last, the major could test 101 (psychological levels/ 20-DMA). While to the downside, the immediate support is seen at 100 (round figure) and below that at 99.53 (Aug 16 low).
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