27 May 2014
USD/JPY, time to get short?
FXStreet (Guatemala) - USD/JPY is trading at 102.10, up 0.16% on the day, having posted a daily high at 102.16 and low at 101.72.
USD/JPY may require US yields to find traction as USD/JPY is still not giving markets any conviction on moves to the upside. RBS strategists explained that it appears that the BoJ remains in firmly neutral territory on monetary policy for now, and said that they still favour medium-term USDJPY upside from current levels. Meanwhile, they noted, The Bank of Japan Governor Kuroda is scheduled to speak at the 2014 BoJ-IMES Conference on Monetary Policy in a Post-Financial Crisis Era. The RBS strategists noted that, last week, Governor Kuroda stepped up his commentary on the JPY and his comments today may offer an opportunity to once again discuss the currency. “In an interview with the WSJ last week, Governor Kuroda said amid the very strong US recovery, stronger than the Japanese recovery in his view, "I don't think it's reasonable to expect the yen to appreciate against the dollar."
USD/JPY Levels
With spot trading at 102.10, we can see next resistance ahead at 102.16 (Daily High), 102.18 (Daily Classic R2), 102.29 (Daily Classic R3), 102.39 (Weekly Classic R1) and 102.50 (Daily 100 SMA). Support below can be found at 102.07 (Yesterday's High), 102.06 (Daily Classic R1), 101.97 (Weekly High), 101.95 (Hourly 20 EMA) and 101.95 (Daily Classic PP).
USD/JPY may require US yields to find traction as USD/JPY is still not giving markets any conviction on moves to the upside. RBS strategists explained that it appears that the BoJ remains in firmly neutral territory on monetary policy for now, and said that they still favour medium-term USDJPY upside from current levels. Meanwhile, they noted, The Bank of Japan Governor Kuroda is scheduled to speak at the 2014 BoJ-IMES Conference on Monetary Policy in a Post-Financial Crisis Era. The RBS strategists noted that, last week, Governor Kuroda stepped up his commentary on the JPY and his comments today may offer an opportunity to once again discuss the currency. “In an interview with the WSJ last week, Governor Kuroda said amid the very strong US recovery, stronger than the Japanese recovery in his view, "I don't think it's reasonable to expect the yen to appreciate against the dollar."
USD/JPY Levels
With spot trading at 102.10, we can see next resistance ahead at 102.16 (Daily High), 102.18 (Daily Classic R2), 102.29 (Daily Classic R3), 102.39 (Weekly Classic R1) and 102.50 (Daily 100 SMA). Support below can be found at 102.07 (Yesterday's High), 102.06 (Daily Classic R1), 101.97 (Weekly High), 101.95 (Hourly 20 EMA) and 101.95 (Daily Classic PP).