6 May 2014
USD/JPY slips below 102.00
FXStreet (Edinburgh) - The weakness around the greenback is sharpening on Tuesday, now dragging the USD/JPY to test session lows in the 101.90 region.
USD/JPY eyes on US docket
Absent data releases in the Japanese economy, traders will focus their attention on US trade balance figures, where consensus expects the trade deficit to have narrowed to $40.0 billion during March vs. $42.3 billion from the previous month. “While USD moved below the short-term support at 102.00, the strong mid-term support at 101.80 is still intact (low of 101.86). Despite the rebound from the low, there is no confirmation that a low is in place just yet. Expect 102.40 to cap for another attempt towards 101.80/85 but a break still appears unlikely at this stage”, assessed Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to consider
The pair is now losing 0.25% at 101.88 with the immediate support at 101.81 (low Apr.16) ahead of 101.50 (low Apr.15) and then 101.32 (low Apr.11). On the flip side, a break above 102.44 (Tenkan Sen) would open the door to 102.60 (daily cloud base) and finally 102.73 (Kijun Sen).
USD/JPY eyes on US docket
Absent data releases in the Japanese economy, traders will focus their attention on US trade balance figures, where consensus expects the trade deficit to have narrowed to $40.0 billion during March vs. $42.3 billion from the previous month. “While USD moved below the short-term support at 102.00, the strong mid-term support at 101.80 is still intact (low of 101.86). Despite the rebound from the low, there is no confirmation that a low is in place just yet. Expect 102.40 to cap for another attempt towards 101.80/85 but a break still appears unlikely at this stage”, assessed Quek Ser Leang, Market Strategist at UOB Group.
USD/JPY levels to consider
The pair is now losing 0.25% at 101.88 with the immediate support at 101.81 (low Apr.16) ahead of 101.50 (low Apr.15) and then 101.32 (low Apr.11). On the flip side, a break above 102.44 (Tenkan Sen) would open the door to 102.60 (daily cloud base) and finally 102.73 (Kijun Sen).