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USD/JPY dips below 101.00

FXstreet.com (Córdoba) - The dollar continues to give up ground versus the yen as USD takes a broad based hit in what many analysts think could be a bout of profit taking.

USD/JPY broke below the 101.50 area and accelerated the decline, falling to a low of 100.95 before finding support and recovering slightly. At time of writing, USD/JPY is trading at the 101.20 zone, 1.1% below its opening price.

In terms of technical levels, immediate supports could be faced at 100.95 (daily low) and 100.65 (May 24 low). On the other hand, resistances are seen at the 101.50/60 region (intraday support/100-hour SMA) and 102.00 (psychological level).

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