26 Mar 2014
USD/JPY sidelined around 102.30
FXStreet (Edinburgh) - The USD/JPY has been trading in a narrow range since Tuesday afternoon, navigating between 102.20 and 102.40.
USD/JPY eyes on the sales tax
The pair is quite keeping the composure as talk of further monetary easing by the BoJ has been building up lately in light of the implementation of the sales tax, which kicks in next week. “The lack of action in USD/JPY is an indication that further easing is widely expected now in the market with only the timing unclear. We think May is probably too soon and end Q2 or into Q3 remains more likely”, suggested Derek Halpenny, European Head of Global Markets Research at BTMU. No relevant data is expected in the Japanese economy, while focus would be on US Durable Goods Orders and Markit Services PMI.
USD/JPY significant levels
At the moment the pair is up 0.03% at 102.29 and a break above 102.48 (Kijun Sen) would expose 102.69 (high Mar.19) and finally 102.86 (high Mar.13). On the downside, the initial barrier lines up at 102.01 (low Mar.21) ahead of 101.30 (low Mar.19) ahead of 101.20 (low Mar.3).
USD/JPY eyes on the sales tax
The pair is quite keeping the composure as talk of further monetary easing by the BoJ has been building up lately in light of the implementation of the sales tax, which kicks in next week. “The lack of action in USD/JPY is an indication that further easing is widely expected now in the market with only the timing unclear. We think May is probably too soon and end Q2 or into Q3 remains more likely”, suggested Derek Halpenny, European Head of Global Markets Research at BTMU. No relevant data is expected in the Japanese economy, while focus would be on US Durable Goods Orders and Markit Services PMI.
USD/JPY significant levels
At the moment the pair is up 0.03% at 102.29 and a break above 102.48 (Kijun Sen) would expose 102.69 (high Mar.19) and finally 102.86 (high Mar.13). On the downside, the initial barrier lines up at 102.01 (low Mar.21) ahead of 101.30 (low Mar.19) ahead of 101.20 (low Mar.3).