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Forex pairs in this Article » USD/JPY
FXStreet (Guatemala) - USD/JPY has been approaching the mid point through the pivot and got a boost from the FOMC minutes, recording a high of 102.47.

USD/JPY, has been in a risk off environment, and the pair was a steep drift to the downside after meeting supply through 102.70 where the pair managed a high of 102.76 on the spike from 101.80 on yesterday’s business. The pair is trading on the bid again and after the minutes showed that a number of officials said QE tapering plan should be adjusted if economy substantially deviated from expectations. Further key notes were that participants of the meeting agreed it would soon be appropriate to change forward guidance on first rate rise. However, a few participants raised possibility of rate rise relatively soon and some FOMC participants wanted statement on goals to explicitly say below-target inflation is as undesirable as above target inflation. Karen Jones, chief analyst at Commerzbank explained that USD/JPY has seen a strong rebound from its 101.29 3 month support line, and is currently eroding its 20 day ma at 102.36. “This is enough to suggest scope for further recovery and we should see a move to 103.45 (29th Jan high)”. She said this guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo. “We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the the 200 day m.a. at 100.19 and the 55 week ma at 99.23”.

USD/JPY Levels

The 20 DMA is 102.34, the 50 DMA is 103.42 and the 200 DMA is 100.19. RSI (14) reads 60.32. Supports are ascending from 101.25, 101.38, 101.53 and 101.74. Spot is 102.42 while resistances are 102.43, 102.76, 102.94 and 103.78.
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