18 Jun 2014
USD/JPY on its way to 102.00?
FXStreet (Edinburgh) - The greenback is losing the grip on Wednesday, pushing the USD/JPY to challenge session lows in the 102.15/10 band.
USD/JPY attention to FOMC meeting
Higher than expected consumer prices in the US economy on Tuesday gave some support to the greenback overnight, lifting spot to fresh highs around 102.30 backed by upside sentiment from US yields. Ahead in the day, the FOMC gathering will be in the limelight with consensus pointing to a hawkish tone from Chairwoman Yellen in her press conference. “We are long-term USDJPY bulls, expecting it to close the year at 109;but in the near term expect it to prove somewhat range bound”, noted Camilla Sutton, Chief FX Strategist at Scotiabank.
USD/JPY relevant levels
The pair is now losing 0.03% at 102.12 with the next support at 101.80 (Kijun Sen) ahead of 101.60 (low Jun.12) and finally 101.57 (61.8% of 100.81-102.80). On the upside, a break above 102.34 (61.8% of 102.80-101.60) would open the door to 102.39 (high Jan.11) and then 102.60 (high Jun.10).
USD/JPY attention to FOMC meeting
Higher than expected consumer prices in the US economy on Tuesday gave some support to the greenback overnight, lifting spot to fresh highs around 102.30 backed by upside sentiment from US yields. Ahead in the day, the FOMC gathering will be in the limelight with consensus pointing to a hawkish tone from Chairwoman Yellen in her press conference. “We are long-term USDJPY bulls, expecting it to close the year at 109;but in the near term expect it to prove somewhat range bound”, noted Camilla Sutton, Chief FX Strategist at Scotiabank.
USD/JPY relevant levels
The pair is now losing 0.03% at 102.12 with the next support at 101.80 (Kijun Sen) ahead of 101.60 (low Jun.12) and finally 101.57 (61.8% of 100.81-102.80). On the upside, a break above 102.34 (61.8% of 102.80-101.60) would open the door to 102.39 (high Jan.11) and then 102.60 (high Jun.10).