Filed Under:
Forex pairs in this Article » USD/JPY
FXstreet.com (London) - USD/JPY has collapsed from 99.40 into lows of 97.61 and is currently trading down -0.92% at 97.75 having attracted support ahead of NFP’s tomorrow.

However, Nanao Shimakage, Research Assistant at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained the recent market uncertainty has clarified firm limited downside for USD/JPY. “Abenomics moved into the implementation phase this autumn, and the fiscal flow of funds will support JGB and JPY stability. We maintain our view of USD/JPY remaining in a narrow range, at JPY99 in one month and JPY102 in three months”. USD/JPY was thrown a lifeline when the GDP was released for Q3, beating expectations and painting a better picture for the US economy. Meanwhile, markets will now turn their attention to the NFP’s tomorrow, and a sub 100k NFP print will be blamed on the government shutdown, and 150k+ should see 10yr USTs continue on their path lower.

USD/JPY Levels

The 20 DMA is 98.17, the 50 DMA is 98.48 and the 200 DMA is 97.68. RSI (14) reads 29.52. Spot is holding on support 97.80 and below there targets 97.00 the figure. Resistances would be found at 98.06, 98.40, 98.56, 98.76, 98.86, 99.01 and 99.67.
comments powered by Disqus