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20 May 2014
USD/JPY holding steady in 101.40/50’s
(Guatemala) - USD/JPY is trading at 101.48, down -0.01% on the day, having posted a daily high at 101.52 and low at 101.45.
USD/JPY has been down through the 200 DMA on the offer before the squeeze and rally that took the pair back into common territory again and exchanging back on 101.40/50 levels. Meanwhile the open was positive for the Nikkei and opened up 0.59%. “While technical indicators are currently at an interesting juncture in USD/JPY”, according to Jane Foley, Senior Currency Strategist at Rabobank, “their predictive ability this week threatens to be muddled by the fact that fundamentals factors are also set to provide influence. Although Wednesday’s BoJ policy meeting is scheduled a mere three weeks after the last gathering of the monetary policy committee, a far clearer picture of the impact of the 3% April tax hike should by now be available”. She went onto to add, “While USD/JPY may remain on the back foot in the near-term, by year end we expect a crawl towards USD/JPY105 to be evident”.
USD/JPY Levels
Current price is 101.49, with resistance ahead at 101.50 (Daily Open), 101.50 (Monthly Low), 101.50 (Weekly Low), 101.52 (Daily High) and 101.61 (Yesterday's High). Next support to the downside can be found at 101.45 (Daily Low), 101.40 (Daily Classic PP), 101.38 (Hourly 20 EMA), 101.22 (Daily 200 SMA) and 101.20 (Daily Classic S1).
USD/JPY has been down through the 200 DMA on the offer before the squeeze and rally that took the pair back into common territory again and exchanging back on 101.40/50 levels. Meanwhile the open was positive for the Nikkei and opened up 0.59%. “While technical indicators are currently at an interesting juncture in USD/JPY”, according to Jane Foley, Senior Currency Strategist at Rabobank, “their predictive ability this week threatens to be muddled by the fact that fundamentals factors are also set to provide influence. Although Wednesday’s BoJ policy meeting is scheduled a mere three weeks after the last gathering of the monetary policy committee, a far clearer picture of the impact of the 3% April tax hike should by now be available”. She went onto to add, “While USD/JPY may remain on the back foot in the near-term, by year end we expect a crawl towards USD/JPY105 to be evident”.
USD/JPY Levels
Current price is 101.49, with resistance ahead at 101.50 (Daily Open), 101.50 (Monthly Low), 101.50 (Weekly Low), 101.52 (Daily High) and 101.61 (Yesterday's High). Next support to the downside can be found at 101.45 (Daily Low), 101.40 (Daily Classic PP), 101.38 (Hourly 20 EMA), 101.22 (Daily 200 SMA) and 101.20 (Daily Classic S1).