USD/JPY steadying sub 105 handle

By FXstreet.com | September 03, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 104.92, down -0.17% on the day, having posted a daily high at 105.33 and low at 104.85.



USD/JPY has fallen below the 105 handle and is easing on the back of the comments from a newly appointed administrator Shiozaki while before hand, markets were pricing in a huge amount of domestic demand for domestic asset purchases that had taken the Nikkei higher and weighed on the local currency. Also, as Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank pointed out, "A disappointing services PMI of 49.9 has supported USD/JPY higher and there is also growing speculation over how the second part of the sales tax will be implemented, with PM Abe saying he will make a decision later this year; as well as headlines over how GPIF assets will be diversified that are grabbing the market’s attention”.



USD/JPY support and resistance



Support levels: 104.80 104.30 104.00



Resistance levels: 105.45 105.90 106.30



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