26 Nov 2013
USD/JPY holding off the bears
FXstreet.com (London) - USD/JPY has been firm on 101.35 having pulled back from yesterday’s high just below 102.00
Strategists at TD Securities said the BoJ minutes revealed some members of the board questioning the potential of reaching the key 2% inflation target. “Bullish momentum that has built since the beginning of the month remains very strong, but we continue to note the extreme one-sidedness of the spec market that leaves the potential of a short squeeze”. Meanwhile, US data disappointed with Consumer Confidence arriving 70.4 vs 72.90.
USD/JPY Levels
The 20 DMA is 99.45, the 50 DMA is 98.63 and the 200 DMA is 98.12. Supports are 100.62, 100.90 and 101.14. Spot is 101.38 while resistances are 101.50, 101.72, 101.91, 102.59 and 103.00.
Strategists at TD Securities said the BoJ minutes revealed some members of the board questioning the potential of reaching the key 2% inflation target. “Bullish momentum that has built since the beginning of the month remains very strong, but we continue to note the extreme one-sidedness of the spec market that leaves the potential of a short squeeze”. Meanwhile, US data disappointed with Consumer Confidence arriving 70.4 vs 72.90.
USD/JPY Levels
The 20 DMA is 99.45, the 50 DMA is 98.63 and the 200 DMA is 98.12. Supports are 100.62, 100.90 and 101.14. Spot is 101.38 while resistances are 101.50, 101.72, 101.91, 102.59 and 103.00.