FXStreet (Guatemala) - USD/JPY is trading at 102.02, up 0.33% on the day, having posted a daily high at 102.15 and low at 101.66.

As expected the BoJ made no change to policy, targeting an annual increase of the monetary base by ¥60 to 70 trn. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the expected weekly range was: 101.76 to 103.50, range bound, but yesterday USD/JPY briefly broke below this range but has climbed back into it. “We see USD/JPY as fairly range bound, with the 200‐day MA serving as support and the 100‐day serving as resistance today (101.58 to 102.23, respectively). We continue to expect that eventually the BoJ will turn to more aggressive policy, and that this combined with fundamentals and flows (including the upcoming asset mix shift at the GIPF) will drive USD/JPY higher before year‐end. We hold a 109 Q4 14 target."

USD/JPY Levels

Current price is 102.03, with resistance ahead at 102.04 (Daily Classic R1), 102.12 (Daily 20 SMA), 102.14 (Hourly 100 SMA), 102.15 (Daily High) and 102.16 (Yesterday's High). Next support to the downside can be found at 101.97 (Hourly 20 EMA), 101.88 (Weekly Classic S1), 101.82 (Daily Classic PP), 101.70 (Daily Open) and 101.70 (Weekly Low).

Filed Under:
Forex pairs in this Article » USD/JPY

comments powered by Disqus