24 Apr 2014
USD/JPY pares most losses, offers above 102.50 being filled
FXStreet (Bali) - USD/JPY is trading along the 102.50 line ahead of the Tokyo open, after recovering off a 102.15 low earlier in mid Europe.
The next key event for the interest of Yen traders will come on Friday, when Japan will release the Tokyo CPI numbers, with expectations still fairly high for inflation to continue its steady rise. Before that, later today, US core durable orders/jobless claims will also spur some volatility in the pair.
Technically, Jim Langlands, Founder at FXCharts, thinks that 102/103 should cover much of the week, noting "I don’t really see anything to change that today."
In terms of key levels to watch, Jim notes: "On the topside, back above 102.50 would see further decent sellers at 102.70 (50% pivot of 104.12/101.31/Daily Tenkan), ahead of more solid offers at 102.92 (100 DMA), 103.00 (61.8%) and 103.05 (daily cloud top). Below today’s low would see a run towards the daily Tenkan at 102.00 ahead of minor support at 101.85 and 101.65."
The next key event for the interest of Yen traders will come on Friday, when Japan will release the Tokyo CPI numbers, with expectations still fairly high for inflation to continue its steady rise. Before that, later today, US core durable orders/jobless claims will also spur some volatility in the pair.
Technically, Jim Langlands, Founder at FXCharts, thinks that 102/103 should cover much of the week, noting "I don’t really see anything to change that today."
In terms of key levels to watch, Jim notes: "On the topside, back above 102.50 would see further decent sellers at 102.70 (50% pivot of 104.12/101.31/Daily Tenkan), ahead of more solid offers at 102.92 (100 DMA), 103.00 (61.8%) and 103.05 (daily cloud top). Below today’s low would see a run towards the daily Tenkan at 102.00 ahead of minor support at 101.85 and 101.65."