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USD/JPY finds support at 101.00

FXstreet.com (Barcelona) - Selling interest in the cross has found strong support around the 101.00 handle once again on Friday, allowing a rebound to the area of 101.65/70 afterwards.

In light of the ongong QE tapering talks, Currency Analyst Christopher Vecchio at DailyFX commented, “Chairman Bernanke reiterated nearly every talking point from the Fed over the past few weeks, including from those in his inner circle, such as NY Fed President William Dudley… I don’t expect any sort of news about a taper at the June meeting (barring a +300K NFP print); any such major shift in policy is likely to occur at the September meeting”.

At the moment, USD/JPY is losing 0.35% at 101.66 with the immediate support at 101.08 (hourly low May 24) followed by 100.83 (low May 23) and finally 100.54 (low May 10). On the upside, a breakout of 102.59 (high May 24) would open the door to 103.57 (high May 23) ahead of 103.74 (2013 high May 22).

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