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16 May 2014
USD/JPY remains in sideways channel, brings100.00 into question
FXStreet (Guatemala) - FXStreet (Guatemala) - USD/JPY is trading at 101.48, down -0.09% on the day, having posted a daily high at 101.69 and low at 101.36.
USD/JPY’s failure at the 55 day moving average at 102.33 took it all the way back down to the 101.31 level. Karen Jones, chief analyst at Commerzbank explained that yesterday’s low was made between the March and April lows at 101.32/15 which offered support and should do so again today. “While the currency pair stays above its March low at 101.15, we consider USD/JPY to remain short term bullish. Directly below 101.15 lies the 2014 low at 100.75. We favour recovery from this vicinity, should a drop to this area be seen. Below 100.75 lies the psychological 100.00 level”. Meanwhile, the Bank of Japan (BoJ) is expected to decide to keep core policy on hold at the upcoming monetary policy meeting on 20-21 May, according to analysts at Bank of America Merrill Lynch. “Since the last meeting, there has been no data or events that would likely prompt any material change in the BoJ's growth or inflation outlook in its Outlook report."
USD/JPY Levels
Current price is 101.49, with resistance ahead at 101.53 (Hourly 20 EMA), 101.58 (Monthly Low), 101.58 (Weekly Low), 101.59 (Daily Open) and 101.67 (Daily Classic PP). Next support to the downside can be found at 101.43 (Weekly Classic S1), 101.36 (Daily Low), 101.31 (Yesterday's Low), 101.22 (Daily Classic S1) and 101.18 (Daily 200 SMA).
USD/JPY’s failure at the 55 day moving average at 102.33 took it all the way back down to the 101.31 level. Karen Jones, chief analyst at Commerzbank explained that yesterday’s low was made between the March and April lows at 101.32/15 which offered support and should do so again today. “While the currency pair stays above its March low at 101.15, we consider USD/JPY to remain short term bullish. Directly below 101.15 lies the 2014 low at 100.75. We favour recovery from this vicinity, should a drop to this area be seen. Below 100.75 lies the psychological 100.00 level”. Meanwhile, the Bank of Japan (BoJ) is expected to decide to keep core policy on hold at the upcoming monetary policy meeting on 20-21 May, according to analysts at Bank of America Merrill Lynch. “Since the last meeting, there has been no data or events that would likely prompt any material change in the BoJ's growth or inflation outlook in its Outlook report."
USD/JPY Levels
Current price is 101.49, with resistance ahead at 101.53 (Hourly 20 EMA), 101.58 (Monthly Low), 101.58 (Weekly Low), 101.59 (Daily Open) and 101.67 (Daily Classic PP). Next support to the downside can be found at 101.43 (Weekly Classic S1), 101.36 (Daily Low), 101.31 (Yesterday's Low), 101.22 (Daily Classic S1) and 101.18 (Daily 200 SMA).