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11 Mar 2014
USD/JPY is hanging around 103.40 area
FXstreet.com (Moscow) – USD/JPY failed to break above 103.40 area, and retraced to 103.30 at the moment.
Fundamentals and market expectations
Despite the BOJ unchanged decision, and the short-term demand on the Yen, there are still chances to see further move up for the pair. The reasons for this lie both in fundamentals, and in market expectations. The series of the FED comments support the idea of further tapering, and the recent Non-Farm Payrolls report confirmed the continued recovery of the labor market. Thus, the investors do expect the speed up of the QE3 reduction, and it means they will take every opportunity to enter the market with longs every time the pair reaches attractively low levels. The upside is limited by 103,69 and the downside is protected by 103.00 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.21, with support below at 103.00, 102.72 and 102.51, with resistance above at 103.48, 103.69, and 103.97. Hourly Moving Averages are bullish, with the 200SMA at 102.35 and the daily 20EMA at 102.50. Hourly RSI is neutral at 60.
Fundamentals and market expectations
Despite the BOJ unchanged decision, and the short-term demand on the Yen, there are still chances to see further move up for the pair. The reasons for this lie both in fundamentals, and in market expectations. The series of the FED comments support the idea of further tapering, and the recent Non-Farm Payrolls report confirmed the continued recovery of the labor market. Thus, the investors do expect the speed up of the QE3 reduction, and it means they will take every opportunity to enter the market with longs every time the pair reaches attractively low levels. The upside is limited by 103,69 and the downside is protected by 103.00 support level.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.21, with support below at 103.00, 102.72 and 102.51, with resistance above at 103.48, 103.69, and 103.97. Hourly Moving Averages are bullish, with the 200SMA at 102.35 and the daily 20EMA at 102.50. Hourly RSI is neutral at 60.