Back
22 May 2014
USD/JPY neutral/bearish
FXStreet (Guatemala) - USD/JPY is trading at 101.43, up 0.07% on the day, having posted a daily high at 101.47 and low at 101.33.
USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, post Governor Kuroda maintaining a relatively firm tone yesterday. “At the margin, the BoJ policy statement which acknowledged the improvement in business fixed investment reduces the likelihood of further BoJ monetary easing in the near-term providing support for the yen in the near-term”, explained Lee Hardman at the Bank of Tokyo-Mitsubishi UFJ, Ltd. Where as Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained USD/JPY short‐term technical are indeed bearish, with all studies warning of near-term downside risk. “Accordingly we favour holding USD/JPY from the short side for near‐term traders. Support lies at the ytd low of 100.76; while resistance comes in at 101.43."
USD/JPY Levels
Spot is presently trading at 101.43, and next resistance can be seen at 101.47 (Daily High), 101.57 (Daily Classic R1), 101.63 (Yesterday's High), 101.69 (Hourly 200 SMA) and 101.73 (Weekly Classic PP). Support below can be found at 101.39 (Hourly 100 SMA), 101.38 (Daily Classic PP), 101.37 (Daily Open), 101.33 (Hourly 20 EMA) and 101.33 (Monthly Low).
USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, post Governor Kuroda maintaining a relatively firm tone yesterday. “At the margin, the BoJ policy statement which acknowledged the improvement in business fixed investment reduces the likelihood of further BoJ monetary easing in the near-term providing support for the yen in the near-term”, explained Lee Hardman at the Bank of Tokyo-Mitsubishi UFJ, Ltd. Where as Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained USD/JPY short‐term technical are indeed bearish, with all studies warning of near-term downside risk. “Accordingly we favour holding USD/JPY from the short side for near‐term traders. Support lies at the ytd low of 100.76; while resistance comes in at 101.43."
USD/JPY Levels
Spot is presently trading at 101.43, and next resistance can be seen at 101.47 (Daily High), 101.57 (Daily Classic R1), 101.63 (Yesterday's High), 101.69 (Hourly 200 SMA) and 101.73 (Weekly Classic PP). Support below can be found at 101.39 (Hourly 100 SMA), 101.38 (Daily Classic PP), 101.37 (Daily Open), 101.33 (Hourly 20 EMA) and 101.33 (Monthly Low).