USD/JPY awaiting BoJ outcome

By FXstreet.com | August 07, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.11, up 0.02% on the day, having posted a daily high at 102.48 and low at 102.02.



USD/JPY remains heavy on the 102 handle and it has just been reported that Rebels have downed another Ukrainian jet fighter. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the BoJ meeting, trade data and risk aversion are the key near‐term drivers for the pair. "Increasingly the focus for the BoJ is turning from the expectation of further policy stimulus to the potential for simply extending the time frame of QQE. Either way, tomorrow’s meeting is expected to prove a non‐event with the BoJ still optimistic that it will reach its 2% inflation target. We are less optimistic and accordingly hold a year‐end 109 target."



USD/JPY Levels



Spot is presently trading at 102.11, and next resistance can be seen at 102.22 (Daily 200 SMA), 102.31 (Hourly 20 EMA), 102.80, 103.10 and 103.40. Next support to the downside can be found at 102.10 (Daily Open), 102.08 (Low), 101.90 (Daily Classic S3) and 101.60.



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