USDJPY At Biggest Monthly Gains Since 2005 After GDP

by on July 31, 2014 9:05 am BST

The dollar was little changed at $1.3390 per euro at 8:33 a.m. in London, having advanced 2.2 percent this month. It appreciated to $1.3367 yesterday, the strongest since Nov. 12. The US currency was at 102.86 yen from 102.79 yesterday after gaining for the previous nine trading days. The euro was little changed at 137.73 yen.

Dollar headed for its biggest monthly gain versus the euro since February last year as signs the US economy is strengthening spurred traders to boost predictions for higher Federal Reserve interest rates.

Dollar has risen versus all of its 16 major counterparts in July as reports have shown gross domestic product rebounded and durable goods orders increased. Economists predict data tomorrow will show US employers added more than 200,000 jobs for a sixth month. Australia’s dollar fell toward an eight-week low after building approvals unexpectedly declined. India’s rupee weakened on concern capital inflows to emerging markets will slow as the Fed cuts bond purchases.

USDJPY Pivot Levels Pivot Woodie Fibonacci
Resistance 3 104.33 104.41 103.71
Resistance 2 103.71 103.75 103.31
Resistance 1 103.28 103.36 103.06
Pivot 102.66 102.7 102.66
Support 1 102.24 102.32 102.26
Support 2 101.61 101.65 102.01
Support 3 101.19 101.27 101.61