3 Jan 2014
USD/JPY to lose the 104 handle?
FXstreet.com (Guatemala) - USD/JPY has taken out stops to the downside of 104.60 reaching a low of 104.15.
The momentum continues with the pair edging towards territory between 104.41 and 104.11 supporting areas ahead of 104.00 the figure. USD/JPY is however trading at yearly highs and with the US in focus and continuing to outperform, the unit remains with a bullish bias. Tokyo is not back until Monday which leave the pair vulnerable until next week, especially with Bernanke’s speech ahead of the weekend form Us markets. The US data from earlier in the sessions in the manufacturing sector has also put some optimism into the Greenback ahead of the next FOMC meeting. The ISM manufacturing printed yet another strong number and is consistent to an on going taper. The Fed is widely expected to continue with its tapering programme at forthcoming FOMC meetings.
USD/JPY Levels
The 20 DMA is 1036.68, the 50 DMA is 101.32 and the 200 DMA is 99.29. RSI (14) reads 34.00. Supports are 104.11, 104.41 and 104.60. Spot is currently 104.16 while resistances are 104.85, 105.29, 105.41, 105.50, 106.00 and 106.29.
The momentum continues with the pair edging towards territory between 104.41 and 104.11 supporting areas ahead of 104.00 the figure. USD/JPY is however trading at yearly highs and with the US in focus and continuing to outperform, the unit remains with a bullish bias. Tokyo is not back until Monday which leave the pair vulnerable until next week, especially with Bernanke’s speech ahead of the weekend form Us markets. The US data from earlier in the sessions in the manufacturing sector has also put some optimism into the Greenback ahead of the next FOMC meeting. The ISM manufacturing printed yet another strong number and is consistent to an on going taper. The Fed is widely expected to continue with its tapering programme at forthcoming FOMC meetings.
USD/JPY Levels
The 20 DMA is 1036.68, the 50 DMA is 101.32 and the 200 DMA is 99.29. RSI (14) reads 34.00. Supports are 104.11, 104.41 and 104.60. Spot is currently 104.16 while resistances are 104.85, 105.29, 105.41, 105.50, 106.00 and 106.29.