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20 Sep 2013
USD/JPY rests above pivot; can pressure intensify for 100.00?
FXstreet.com (London) - USD/JPY is benefitting from an over all consolidation of the sell off in the dollar post the dovish Fed, while a risk positive market use the Yen to fund long positions in EM’s.
USD/JPY has crawled along within a tight range between 99.20 support and has actually charted a high of 99.68 at the end of this week, so far. For a break above 100.00, the market requires further gains in the dollar from any good data that could sway a more hawkish mood from the Fed. For this moment, Stephen Gallo, Head of European FX Strategy at BMO said, “We look for any JPY weakness building on yesterday’s themes to be recurring this afternoon but rather tepid at the same in front of the weekend event risk”.
USD/JPY Levels
The 20 DMA is 99.06, the 50 DMA is 98.67 and the 200 DMA is 95.96. RSI (14) reads 62.55. Supports are ascending from 98.21, 98.45, 98.70, 99.00, and 99.27. Spot is 99. 99.57 while resistances are 99.89 and 100.19.
USD/JPY has crawled along within a tight range between 99.20 support and has actually charted a high of 99.68 at the end of this week, so far. For a break above 100.00, the market requires further gains in the dollar from any good data that could sway a more hawkish mood from the Fed. For this moment, Stephen Gallo, Head of European FX Strategy at BMO said, “We look for any JPY weakness building on yesterday’s themes to be recurring this afternoon but rather tepid at the same in front of the weekend event risk”.
USD/JPY Levels
The 20 DMA is 99.06, the 50 DMA is 98.67 and the 200 DMA is 95.96. RSI (14) reads 62.55. Supports are ascending from 98.21, 98.45, 98.70, 99.00, and 99.27. Spot is 99. 99.57 while resistances are 99.89 and 100.19.