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Forex: USD/JPY drops below 102.00

FXstreet.com (Córdoba) - The dollar has continued to weaken during the New York session, as economic indicators coming from the US did nothing but question whether it is too early for the Fed to consider tapering its bond buying program.

USD/JPY extended its pullback from the 102.70 area and dipped to fresh daily lows sub-102.00. USD/JPY peeped below the 100-hour SMA and printed a low of 101.87 before recovering slightly.

At time of writing, USD/JPY is trading at the 102.00/05 zone, where it is 0.2% below its opening price. From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com locates immediate supports at 101.90, 101.50 and 101.25, while she places resistances at 102.40, 102.75 and 103.15.

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