18 Sep 2013
USD/JPY drops to 98.00 on dovish Fed
FXstreet.com (Edinburgh) -The USD is rapidly losing ground on Wednesday, dragging the USD/JPY to a test of the key support at the 98.00 handle.
USD/JPY bounces off 98.00
The pair is now rebounding to the mid 98.00s as volatility grows higher ahead of Bernanke’s press conference due in minutes. The Fed stayed put against consensus of a $5-$10 billion taper of its QE programme, with Chairman Bernanke saying that further decision on the Fed’s bond buying will depend on the economy outlook. The majority of members see the next rate hike to be in 2015 (prev. 2014).
USD/JPY critical levels
The pair is now losing 0.87% at 98.24 facing the immediate support at 97.65 (cloud base) ahead of 97.45 (low Aug.29) and then 96.81 (low Aug.28). On the upside, a breakout of 99.54 (high Sep.16) would aim for 99.98 (high Sep.13) and finally 100.00 (psychological level).
USD/JPY bounces off 98.00
The pair is now rebounding to the mid 98.00s as volatility grows higher ahead of Bernanke’s press conference due in minutes. The Fed stayed put against consensus of a $5-$10 billion taper of its QE programme, with Chairman Bernanke saying that further decision on the Fed’s bond buying will depend on the economy outlook. The majority of members see the next rate hike to be in 2015 (prev. 2014).
USD/JPY critical levels
The pair is now losing 0.87% at 98.24 facing the immediate support at 97.65 (cloud base) ahead of 97.45 (low Aug.29) and then 96.81 (low Aug.28). On the upside, a breakout of 99.54 (high Sep.16) would aim for 99.98 (high Sep.13) and finally 100.00 (psychological level).