4 Dec 2013
USD/JPY is sub 102.20 support
FXstreet.com (London) - USD/JPY is trading steadily at the moment and still sub 102.20 resistance post beige book.
The market got the beige book from the US where the Federal Reserve said gains in manufacturing, technology and housing fuelled “modest to moderate” economic growth from early October through mid-November. For USD/JPY, the realisation that a QE taper in December is still possible as that key FOMC meeting approaches on 17th-18th December is likely encouraging some reduction in risk. Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus .
USD/JPY Levels
The 20 DMA is 100.59, the 50 DMA is 99.03 and the 200 DMA is 98.40. RSI (14) reads 29.08. Supports are ascending from 101.43, 101.74, 101.91. Spot is 102.16 while resistances are 102.20, 102.58, 102.84, 103.00, 103.18 and
103.38.
The market got the beige book from the US where the Federal Reserve said gains in manufacturing, technology and housing fuelled “modest to moderate” economic growth from early October through mid-November. For USD/JPY, the realisation that a QE taper in December is still possible as that key FOMC meeting approaches on 17th-18th December is likely encouraging some reduction in risk. Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus .
USD/JPY Levels
The 20 DMA is 100.59, the 50 DMA is 99.03 and the 200 DMA is 98.40. RSI (14) reads 29.08. Supports are ascending from 101.43, 101.74, 101.91. Spot is 102.16 while resistances are 102.20, 102.58, 102.84, 103.00, 103.18 and
103.38.