11 Apr 2014
USD/JPY challenges lows sub-101.40
FXStreet (Edinburgh) - A bout of risk aversion is now giving further strength to the Japanese yen, dragging the USD/JPY to challenge intraday lows near 101.40.
USD/JPY testing March lows
The pair intensifies its downside on Friday, on its way to March lows in the 101.30/20 band in case the selling mood continues to prevail amongst traders. Against the backdrop of a continuation of the sell-off in equities, spot almost fully retraced the previous three weeks’ advance to levels beyond 104.00 the figure. Adding to the yen strength, today’s BoJ minutes left no room for surprises. Analysts at BTMU remain neutral on the pair, adding, “US retail sales should restore some confidence in the US recovery, and help underpin US yields and support USD/JPY buying. But with no major events in the week ahead USD/JPY may stay in a relatively narrow range between 101 to 102 level”.
USD/JPY levels to watch
At the moment the pair is losing 0.11% at 101.41 with the next support at 101.32 (low Apr.11) ahead of 101.30 (low Mar.19) and finally 100.80 (200-d MA. On the upside, breakout of 102.16 (high Apr.9) would expose102.37 (daily cloud base) and then 102.67 (Kijun Sen).
USD/JPY testing March lows
The pair intensifies its downside on Friday, on its way to March lows in the 101.30/20 band in case the selling mood continues to prevail amongst traders. Against the backdrop of a continuation of the sell-off in equities, spot almost fully retraced the previous three weeks’ advance to levels beyond 104.00 the figure. Adding to the yen strength, today’s BoJ minutes left no room for surprises. Analysts at BTMU remain neutral on the pair, adding, “US retail sales should restore some confidence in the US recovery, and help underpin US yields and support USD/JPY buying. But with no major events in the week ahead USD/JPY may stay in a relatively narrow range between 101 to 102 level”.
USD/JPY levels to watch
At the moment the pair is losing 0.11% at 101.41 with the next support at 101.32 (low Apr.11) ahead of 101.30 (low Mar.19) and finally 100.80 (200-d MA. On the upside, breakout of 102.16 (high Apr.9) would expose102.37 (daily cloud base) and then 102.67 (Kijun Sen).