18 Sep 2013
USD/JPY back below 99.00
FXstreet.com (Edinburgh) -The USD/JPY is now resuming its intraday decline below the 99.00 key handle on Wednesday, ahead of the FOMC gathering due this evening.
USD/JPY stabilizing around 99.00/100.00
The pair is retracing weekly gains and prolonging the descent from last week’s peaks beyond 100.00 the figure amidst generalized USD weakness, as markets are heading towards today’s Fed’s decision on QE tapering and Bernanke’s press conference. Eric Green, Strategist at TD Securities, assessed, “We do not expect the Fed to outline a schedule for tapering, but view the bulk of tapering to occur in 2014 with all asset purchases terminated in mid-2014. This is consistent with our view on the economy, is close to consensus estimates, and one many on the FOMC broadly support. The amount of tapering may prove to be the least relevant development at this meeting. That is already priced in, sensible forward guidance is not”.
USD/JPY critical levels
The pair is now losing 0.19% at 98.93 facing the immediate support at 98.79 (low Sep.18) ahead of 98.72 (Kijun Sen line) and then 98.45 (low Sep.16). On the upside, a breakout of 99.54 (high Sep.16) would aim for 99.98 (high Sep.13) and finally 100.00 (psychological level).
USD/JPY stabilizing around 99.00/100.00
The pair is retracing weekly gains and prolonging the descent from last week’s peaks beyond 100.00 the figure amidst generalized USD weakness, as markets are heading towards today’s Fed’s decision on QE tapering and Bernanke’s press conference. Eric Green, Strategist at TD Securities, assessed, “We do not expect the Fed to outline a schedule for tapering, but view the bulk of tapering to occur in 2014 with all asset purchases terminated in mid-2014. This is consistent with our view on the economy, is close to consensus estimates, and one many on the FOMC broadly support. The amount of tapering may prove to be the least relevant development at this meeting. That is already priced in, sensible forward guidance is not”.
USD/JPY critical levels
The pair is now losing 0.19% at 98.93 facing the immediate support at 98.79 (low Sep.18) ahead of 98.72 (Kijun Sen line) and then 98.45 (low Sep.16). On the upside, a breakout of 99.54 (high Sep.16) would aim for 99.98 (high Sep.13) and finally 100.00 (psychological level).