USD/JPY slips below 102.00

Pablo Piovano FXStreet

The persistent risk-off environment is lending extra support to the Japanese safe haven, dragging USD/JPY to the 101.70 area.

USD/JPY lower on Brexit

Increasing jitters post-Brexit and its potential implications for the global markets continue to sustain a continuation of the risk aversion theme, all collaborating with the demand for the safe haven JPY while putting the pair under renewed selling pressure at the same time.

In the data space, Markit’s advanced Services PMI is due later in the US economy, while attention in Europe will be on the meeting by Merkel, Hollande, Renzi and Tusk.

USD/JPY levels to consider

As of writing the pair is retreating 0.39% at 101.83 facing the immediate support at 99.08 (2016 low Jun.24) ahead of 96.55 (monthly low Oct. 8 2013) and then 95.70 (monthly low Aug.8 2013). On the flip side, a break above 105.66 (20-day sma) would aim for 106.85 (high Jun.24) and finally 107.93 (55-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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