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17 Feb 2014
USD/JPY resistance sighted 102.42
FXStreet (Guatemala) - USD/JPY is just below the 102 handle after climbing higher after the Japan GDP figures disappointed.
The global currency strategy team at Brown Brothers Harriman explained and note that the disappointing Q4 GDP figures spurred speculation that maybe the BOJ will have to do more after all. “This saw the greenback climb back to the JPY102 area…It renews concerns about a flagging economy as April 1 retail sales tax looms”. As far as the calendar from here, the US is out today but later in the week the real sector data is largely confined to the housing market and the FOMC minutes. However, after Yellen’s Q & A’s last week, the minutes are unlikely to contain many surprises.
Technically, Karen Jones, Head of FICC Technical Analysis and Alex Rudolph, Senior Technical Analyst, explained that USD/JPY rallies will find stronger resistance at 102.42, 103.45 (20 day ma day ma and 29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo”.
USD/JPY Levels
The 20 DMA is 102.55, the 50 DMA is 103.46 and the 20 DMA is 100.18. RSI (14) reads 51.07. Supports are ascending from ,100.76, 101.07, 101.25 and 101.38. Spot is 101.90 while resistances are 101.99, 102.13 and 102.41.
The global currency strategy team at Brown Brothers Harriman explained and note that the disappointing Q4 GDP figures spurred speculation that maybe the BOJ will have to do more after all. “This saw the greenback climb back to the JPY102 area…It renews concerns about a flagging economy as April 1 retail sales tax looms”. As far as the calendar from here, the US is out today but later in the week the real sector data is largely confined to the housing market and the FOMC minutes. However, after Yellen’s Q & A’s last week, the minutes are unlikely to contain many surprises.
Technically, Karen Jones, Head of FICC Technical Analysis and Alex Rudolph, Senior Technical Analyst, explained that USD/JPY rallies will find stronger resistance at 102.42, 103.45 (20 day ma day ma and 29th Jan high). This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo”.
USD/JPY Levels
The 20 DMA is 102.55, the 50 DMA is 103.46 and the 20 DMA is 100.18. RSI (14) reads 51.07. Supports are ascending from ,100.76, 101.07, 101.25 and 101.38. Spot is 101.90 while resistances are 101.99, 102.13 and 102.41.