28 Apr 2014
USD/JPY testing highs near 102.40
FXStreet (Edinburgh) - The US dollar is gaining ground vs. the Japanese yen at the beginning of the week, taking the USD/JPY to session highs in the 102.35/40 band.
USD/JPY focus on FOMC
The pair is now gathering steam after market participants shrugged-off recent jitters from the Russia-Ukraine situation, which derived in JPY strength as of late. Ahead in the week, the FOMC meeting on Wednesday and April’s Payrolls on Friday (203K exp.) would set the tone for the pair in the near term. “We remain of the view that the BoJ is becoming overly complacent with the evolving picture for the economy. Thus we remain happy to buy dips in USD/JPY. We note that the mid-101 area is consistently finding demand”, noted analysts at Westpac Global Strategy Group.
USD/JPY relevant levels
The pair is now gaining 0.15% at 102.35 with the immediate resistance at 102.49 (high Apr.25) ahead of 102.56 (21-d MA) and finally 102.65 (high Apr.24). On the downside, a break below 102.04 (low Apr.28) would target 101.86 (low Apr.17) en route to 101.81 (low Apr.16).
USD/JPY focus on FOMC
The pair is now gathering steam after market participants shrugged-off recent jitters from the Russia-Ukraine situation, which derived in JPY strength as of late. Ahead in the week, the FOMC meeting on Wednesday and April’s Payrolls on Friday (203K exp.) would set the tone for the pair in the near term. “We remain of the view that the BoJ is becoming overly complacent with the evolving picture for the economy. Thus we remain happy to buy dips in USD/JPY. We note that the mid-101 area is consistently finding demand”, noted analysts at Westpac Global Strategy Group.
USD/JPY relevant levels
The pair is now gaining 0.15% at 102.35 with the immediate resistance at 102.49 (high Apr.25) ahead of 102.56 (21-d MA) and finally 102.65 (high Apr.24). On the downside, a break below 102.04 (low Apr.28) would target 101.86 (low Apr.17) en route to 101.81 (low Apr.16).