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9 Jun 2014
USD/JPY moving through the motions on 102 handle
FXStreet (Guatemala) - Currently, USD/JPY> is trading at 102.52, up 0.04% on the day, having posted a daily high at 102.66 and low at 102.37.
USD/JPY is making hard work on advances on the 102 handle although it appears to be leaving behind the half way mark. Jane Foley, Senior Currency Stratagist at Rabobank International explained that while the JPY has been impacted as the market readjusts its optimistic forecasts regarding the likelihood for a step up in policy accommodation by the BoJ going forward, this should be short lived. “There is every reason to anticipate that the BoJ will be among the last developed world central banks to withdraw extraordinary stimulus and this is likely to undermine theyen over the medium-term. We expect USD/JPY to move towards the 105.00 area by year end”.
USD/JPY Levels
With spot trading at 102.52, we can see next resistance ahead at 102.52 (Hourly 100 SMA), 102.63 (Yesterday's High), 102.66 (Daily High), 102.70 (Daily Classic R1) and 102.73 (Monthly High). Support below can be found at 102.51 (Hourly 20 EMA), 102.49 (Daily Open), 102.40 (Daily Classic PP), 102.38 (Weekly Low) and 102.37 (Daily Low).
USD/JPY is making hard work on advances on the 102 handle although it appears to be leaving behind the half way mark. Jane Foley, Senior Currency Stratagist at Rabobank International explained that while the JPY has been impacted as the market readjusts its optimistic forecasts regarding the likelihood for a step up in policy accommodation by the BoJ going forward, this should be short lived. “There is every reason to anticipate that the BoJ will be among the last developed world central banks to withdraw extraordinary stimulus and this is likely to undermine theyen over the medium-term. We expect USD/JPY to move towards the 105.00 area by year end”.
USD/JPY Levels
With spot trading at 102.52, we can see next resistance ahead at 102.52 (Hourly 100 SMA), 102.63 (Yesterday's High), 102.66 (Daily High), 102.70 (Daily Classic R1) and 102.73 (Monthly High). Support below can be found at 102.51 (Hourly 20 EMA), 102.49 (Daily Open), 102.40 (Daily Classic PP), 102.38 (Weekly Low) and 102.37 (Daily Low).