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5 Aug 2014
USD/JPY pressing down through pivot
FXStreet (Guatemala) - USD/JPY is trading at 102.63 having posted a daily high at 102.94 and low at 102.46.
USD/JPY remains within the range and struggles still towards the 103 handle. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted how news flows were generally light; with the release of the Markit services PMI (at 50.4) ignored. “Friday’s BoJ is likely a non‐event for USD/JPY." However analysts at TD Securities explained that the BoJ will have to address weaker than expected growth into midyear and inflation moving in the right direction but still at a slow pace.
USD/JPY Levels
With spot trading at 102.63, we can see next resistance ahead at 102.67 (Hourly 20 EMA), 102.71 (Hourly 100 SMA) and 102.80 (Monthly High). Support below can be found at 102.57 (Daily Classic PP) and 102.41 (Yesterday's Low).
USD/JPY remains within the range and struggles still towards the 103 handle. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted how news flows were generally light; with the release of the Markit services PMI (at 50.4) ignored. “Friday’s BoJ is likely a non‐event for USD/JPY." However analysts at TD Securities explained that the BoJ will have to address weaker than expected growth into midyear and inflation moving in the right direction but still at a slow pace.
USD/JPY Levels
With spot trading at 102.63, we can see next resistance ahead at 102.67 (Hourly 20 EMA), 102.71 (Hourly 100 SMA) and 102.80 (Monthly High). Support below can be found at 102.57 (Daily Classic PP) and 102.41 (Yesterday's Low).