4 Nov 2013
USD/JPY continues to set up a bullish stance amidst Japanese holidays
FXstreet.com (Athens) – The USD/JPY has been trading upwards since the kick off of the Wellington trading session amidst a fairly iliquid session, in which Japanese markets were closed due to public festivity.
USD/JPY eyes 99.00; Fisher headlines add buying pressure
USD/JPY has found the momentum to move on the upper level very timidly, however, lack of follow through saw prices return back to last Friday's NY close. Market participants might attribute a very brief spike in the pair after Fed’s Fisher quotes, which probably led market to price in that Fed will start tapering ‘sooner’ than ‘later’. Elaborating on, Fed’s Fisher said that “At some point Fed will have to slow QE, FOMC should resume normal policy as soon as possible.”
Technical Aspects on the USD/JPY
Taken for granted that the BOJ is still preoccupied with attempting to achieve its multi-year inflation target and we are ahead of a NFP week, the cross might continue to set up its bullish uptrend tone. Briefly, traders should bear in mind that as long as the pair holds the 200-hourly SMA support as of (97.79), but mostly the 200-daily SMA (97.55), can sustain its upwards momentum. Finally to move further upwards, the cross should overcome the handle as of 99.01 (daily high as of the 17th October
USD/JPY eyes 99.00; Fisher headlines add buying pressure
USD/JPY has found the momentum to move on the upper level very timidly, however, lack of follow through saw prices return back to last Friday's NY close. Market participants might attribute a very brief spike in the pair after Fed’s Fisher quotes, which probably led market to price in that Fed will start tapering ‘sooner’ than ‘later’. Elaborating on, Fed’s Fisher said that “At some point Fed will have to slow QE, FOMC should resume normal policy as soon as possible.”
Technical Aspects on the USD/JPY
Taken for granted that the BOJ is still preoccupied with attempting to achieve its multi-year inflation target and we are ahead of a NFP week, the cross might continue to set up its bullish uptrend tone. Briefly, traders should bear in mind that as long as the pair holds the 200-hourly SMA support as of (97.79), but mostly the 200-daily SMA (97.55), can sustain its upwards momentum. Finally to move further upwards, the cross should overcome the handle as of 99.01 (daily high as of the 17th October