22 Jul 2014
USD/JPY making a go at the top-side
FXStreet (Guatemala) - USD/JPY is trading at 101.48, up 0.08% on the day, having posted a daily high at 101.52 and low at 101.38.
USD/JPY remains within the range but having a pop on at the top side with Nikkei opening up and moving higher. While we are quiet in Asia, the US data calendar is crammed. Sean Callow, analyst at Westpac Banking Corporation ABN told u s,“June CPI will be watched with interest even though the Fed’s preferred inflation measure is the PCE deflator. Consensus is for inflation to hold at 2.1% y/y headline, 2.0% y/y ex-food & energy, well ahead of the 1.5% y/y reading on core PCE, which many Fed officials aren’t convinced is yet on a sustained up trend. June existing home sales are seen rising 2% m/m, which would still leave sales well below the mid-July high and about -30% versus the 2005 cycle peak. The Richmond Fed index is seen ticking up to +5 in July from +3
USD/JPY Levels
Current price is 101.48, with resistance ahead at 101.52 (Daily High), 101.61 (Daily 20 SMA), 101.68 (Weekly High) and 101.70 (Daily Classic R3). Next support to the downside can be found at 101.48 (Daily Classic R1), 101.47 (Hourly 200 SMA), (Hourly 100 SMA), and 101.41 (Yesterday's High).
USD/JPY remains within the range but having a pop on at the top side with Nikkei opening up and moving higher. While we are quiet in Asia, the US data calendar is crammed. Sean Callow, analyst at Westpac Banking Corporation ABN told u s,“June CPI will be watched with interest even though the Fed’s preferred inflation measure is the PCE deflator. Consensus is for inflation to hold at 2.1% y/y headline, 2.0% y/y ex-food & energy, well ahead of the 1.5% y/y reading on core PCE, which many Fed officials aren’t convinced is yet on a sustained up trend. June existing home sales are seen rising 2% m/m, which would still leave sales well below the mid-July high and about -30% versus the 2005 cycle peak. The Richmond Fed index is seen ticking up to +5 in July from +3
USD/JPY Levels
Current price is 101.48, with resistance ahead at 101.52 (Daily High), 101.61 (Daily 20 SMA), 101.68 (Weekly High) and 101.70 (Daily Classic R3). Next support to the downside can be found at 101.48 (Daily Classic R1), 101.47 (Hourly 200 SMA), (Hourly 100 SMA), and 101.41 (Yesterday's High).