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20 Mar 2014
USD/JPY holds onto gains, 102.70 eyed
FXStreet (Bali) - USD/JPY is trading around the 102.40 vicinity, with a limited range of 102.25-45 in the present Asian session, despite the Nikkei is in the red (-0.75%).
The unexpected comments from Fed's Yellen setting a time-frame of approximately 6 months between the end of taper and the start of policy rates normalization led to the rise away from the 101.85/90-101.25 range, with the next focus for buyers at the 102.70/103.00 area.
Technically, according to Jim Langlands, Founder at FXCharts: "Further strength would take the dollar on towards 102.77(61.8% and then to /weekly Kijun) and then towards 103.00 (103.07: daily cloud top/50% pivot of 105.43/100.75) and possibly to 103.15 (76.4%)."
Lnglands added that "right now it looks as though the dollar has the legs to make another attempt to take out further Japanese offers at 102.50/60, as the short term momentum looks positive for the chance of further gains."
The unexpected comments from Fed's Yellen setting a time-frame of approximately 6 months between the end of taper and the start of policy rates normalization led to the rise away from the 101.85/90-101.25 range, with the next focus for buyers at the 102.70/103.00 area.
Technically, according to Jim Langlands, Founder at FXCharts: "Further strength would take the dollar on towards 102.77(61.8% and then to /weekly Kijun) and then towards 103.00 (103.07: daily cloud top/50% pivot of 105.43/100.75) and possibly to 103.15 (76.4%)."
Lnglands added that "right now it looks as though the dollar has the legs to make another attempt to take out further Japanese offers at 102.50/60, as the short term momentum looks positive for the chance of further gains."