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29 Jan 2014
USD/JPY consolidates beyond 103.00
FXstreet.com (Edinburgh) - The Japanese yen is easing more ground on Wednesday, allowing the USD/JPY to extend its current upside momentum above 103.00 the figure.
USD/JPY up on Turkey, eyes on Fed
Tensions in the EM universe continue to recede, intensifying the risk-on trade as the exodus from usual safe-havens keeps accelerating. This, plus the Fed acting in line with market expectations for a $10 billion taper today would see spot gaining further traction with the 104.00 handle on sight. “This rebound has not been enough to restore upside pressure and while capped by 103.70 the near term risk remains for losses to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October”.
USD/JPY key levels
The pair is now up 0.37% at 103.25 with the next resistance at 103.58 (high Jan.24) and finally 103.61 (Kijun Sen line). On the flip side, a breakdown of 102.49 (low Jan.28) would expose 101.77 (38.2% of 95.81-105.45).
USD/JPY up on Turkey, eyes on Fed
Tensions in the EM universe continue to recede, intensifying the risk-on trade as the exodus from usual safe-havens keeps accelerating. This, plus the Fed acting in line with market expectations for a $10 billion taper today would see spot gaining further traction with the 104.00 handle on sight. “This rebound has not been enough to restore upside pressure and while capped by 103.70 the near term risk remains for losses to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October”.
USD/JPY key levels
The pair is now up 0.37% at 103.25 with the next resistance at 103.58 (high Jan.24) and finally 103.61 (Kijun Sen line). On the flip side, a breakdown of 102.49 (low Jan.28) would expose 101.77 (38.2% of 95.81-105.45).