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11 Mar 2014
USD/JPY briefly drops below 103.00
FXStreet (Córdoba) - The USD/JPY saw quick dip toward fresh daily lows sub-103.00 during the American session in a bout of risk aversion amid chatter of a Chinese bond default.
The yen strengthened against the dollar and the euro as US stocks and Nikkei futures turned lower as copper gets crashed, with USD/JPY hitting a low of 102.93. However, the USD/JPY managed to bounce back toward 103.10 and it is currently trading at the 103.05 zone, recording a 0.2% loss.
USD/JPY levels to watch
In terms of technical levels, if the USD/JPY breaks decisively below 102.93, next supports are seen at 102.83 (Mar 7 low) and 102.38 (21-day SMA). On the other hand, resistances could be found at 103.42 (Mar 11 high) and 103.75 (Mar 7 high).
The yen strengthened against the dollar and the euro as US stocks and Nikkei futures turned lower as copper gets crashed, with USD/JPY hitting a low of 102.93. However, the USD/JPY managed to bounce back toward 103.10 and it is currently trading at the 103.05 zone, recording a 0.2% loss.
USD/JPY levels to watch
In terms of technical levels, if the USD/JPY breaks decisively below 102.93, next supports are seen at 102.83 (Mar 7 low) and 102.38 (21-day SMA). On the other hand, resistances could be found at 103.42 (Mar 11 high) and 103.75 (Mar 7 high).