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19 Dec 2013
USD/JPY edges above 104 again
FXstreet.com (Barcelona) - Having declined from its five year high at 104.37, USD/JPY posted a daily low at 103.77, before finding support around 103.91, the Dec 13 high, and has edged above the key 104 level to where we are presently trading at 104.11.
USD/JPY to re-test upside on QE expectations
With signs that US stimulus measures are slowing at the same time that Japanese officials are backing away from a self imposed fixed time limit for inflation target meeting QE, USD/JPY has resumed its upside march. The surprise FOMC decision to taper $10bln was preceded the night before by Japanese officials who indicated that time limits on QE were not fixed and that QE could remain in place until the 2% inflation target was met. Overnight spot met resistance with reported EUR/JPY sellers and profit taking at the 5 year high, causing spot to decline 103.77 where Japanese Importer bids were met before finding support at 103.91, the December 13 high and also the 23.6% retracement from the post FOMC dip to 102.69 to the multi year high 104.37. With a quiet calendar, spot has edged higher above 104 to where it is presently trading at 104.09.
What are today’s key USD/JPY levels?
Today’s central pivot point can be seen at 103.62, which also offers immediate pivot support, with equivalent resistance above at 104.68 (R1). The hourly 200 SMA sits at 103.07 and sloping higher, with the 20D EMA at 102.30 and climbing. Other support can be seen at 103.77, the overnight low, before the Tenkan-Sen line at 103.26, and the psychological 103 line. Resistance above can be found at yesterdays multi year high at 104.37 before the key 105 level.
USD/JPY to re-test upside on QE expectations
With signs that US stimulus measures are slowing at the same time that Japanese officials are backing away from a self imposed fixed time limit for inflation target meeting QE, USD/JPY has resumed its upside march. The surprise FOMC decision to taper $10bln was preceded the night before by Japanese officials who indicated that time limits on QE were not fixed and that QE could remain in place until the 2% inflation target was met. Overnight spot met resistance with reported EUR/JPY sellers and profit taking at the 5 year high, causing spot to decline 103.77 where Japanese Importer bids were met before finding support at 103.91, the December 13 high and also the 23.6% retracement from the post FOMC dip to 102.69 to the multi year high 104.37. With a quiet calendar, spot has edged higher above 104 to where it is presently trading at 104.09.
What are today’s key USD/JPY levels?
Today’s central pivot point can be seen at 103.62, which also offers immediate pivot support, with equivalent resistance above at 104.68 (R1). The hourly 200 SMA sits at 103.07 and sloping higher, with the 20D EMA at 102.30 and climbing. Other support can be seen at 103.77, the overnight low, before the Tenkan-Sen line at 103.26, and the psychological 103 line. Resistance above can be found at yesterdays multi year high at 104.37 before the key 105 level.