28 May 2014
USD/JPY quiet ahead of Kuroda
FXStreet (Guatemala) - Currently, USD/JPY is trading at 102.00, up 0.03% on the day, having posted a daily high at 102.04 and low at 101.93.
USD/JPY has been a quiet play and is starting off that way also in Asia. Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY hovers around the 102.00 level, having reached a high of 102.14 this Tuesday, and with the hourly chart showing indicators losing upward potential and turning south, approaching their midlines. “100 SMA in the mentioned time frame however, maintains a clear bullish slope currently acting as short term support around 101.80, while the 4 hours chart maintains the positive tone seen on previous updates. With US stocks up and S&P at fresh record highs, local share markets will likely advance also, keeping the risk on USD/JPY to the upside”. Meanwhile, from the calendar, The Bank of Japan Governor Kuroda is scheduled to speak at the 2014 BoJ-IMES Conference on Monetary Policy in a Post-Financial Crisis Era. The RBS strategists noted that, last week, Governor Kuroda stepped up his commentary on the JPY and his comments today may offer an opportunity to once again discuss the currency.
USD/JPY Levels
With spot trading at 102.01, we can see next resistance ahead at 102.04 (Daily High), 102.06 (Daily Classic R1), 102.16 (Yesterday's High), 102.18 (Daily Classic R2) and 102.29 (Daily Classic R3). Support below can be found at 101.99 (Hourly 20 EMA), 101.98 (Weekly High), 101.98 (Daily Open), 101.95 (Daily Classic PP) and 101.93 (Daily Low).
USD/JPY has been a quiet play and is starting off that way also in Asia. Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY hovers around the 102.00 level, having reached a high of 102.14 this Tuesday, and with the hourly chart showing indicators losing upward potential and turning south, approaching their midlines. “100 SMA in the mentioned time frame however, maintains a clear bullish slope currently acting as short term support around 101.80, while the 4 hours chart maintains the positive tone seen on previous updates. With US stocks up and S&P at fresh record highs, local share markets will likely advance also, keeping the risk on USD/JPY to the upside”. Meanwhile, from the calendar, The Bank of Japan Governor Kuroda is scheduled to speak at the 2014 BoJ-IMES Conference on Monetary Policy in a Post-Financial Crisis Era. The RBS strategists noted that, last week, Governor Kuroda stepped up his commentary on the JPY and his comments today may offer an opportunity to once again discuss the currency.
USD/JPY Levels
With spot trading at 102.01, we can see next resistance ahead at 102.04 (Daily High), 102.06 (Daily Classic R1), 102.16 (Yesterday's High), 102.18 (Daily Classic R2) and 102.29 (Daily Classic R3). Support below can be found at 101.99 (Hourly 20 EMA), 101.98 (Weekly High), 101.98 (Daily Open), 101.95 (Daily Classic PP) and 101.93 (Daily Low).