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6 Mar 2014
USD/JPY back below 103.00
FXStreet (Edinburgh) - The upside in the USD/JPY is now running out of steam, dragging spot back below tge 103.00 handle.
USD/JPY in 5-week high
The pair finally managed to break above the 4-week consolidation pattern, climbing to levels beyond 103.00 the figure, last seen in late January. The prevailing risk appetite found more fuel after the ECB extended its ‘acomodative’ tone in today’s meeting, although losing some momentum in the boundaries of 103.20. The next risk event for the pair would be tomorrow’s US Payrolls, expected at 150K for the month of February. “A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.21) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds. A major resistance stands at 110.66 (15/08/2008 high)”, observed Luc Luyet, CIIA at Swissquote Bank SA.
USD/JPY levels to consider
At the moment the pair is up 0.65% at 102.97 and a surpass of 103.23 (55-d MA) would aim for 103.45 (high Jan.29) and then 103.58 (high Jan.24). On the downside, the immediate support aligns at 102.83 (high Feb.21) followed by 102.27 (low Mar.6) and finally 102.12 (low Mar.5).
USD/JPY in 5-week high
The pair finally managed to break above the 4-week consolidation pattern, climbing to levels beyond 103.00 the figure, last seen in late January. The prevailing risk appetite found more fuel after the ECB extended its ‘acomodative’ tone in today’s meeting, although losing some momentum in the boundaries of 103.20. The next risk event for the pair would be tomorrow’s US Payrolls, expected at 150K for the month of February. “A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.21) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds. A major resistance stands at 110.66 (15/08/2008 high)”, observed Luc Luyet, CIIA at Swissquote Bank SA.
USD/JPY levels to consider
At the moment the pair is up 0.65% at 102.97 and a surpass of 103.23 (55-d MA) would aim for 103.45 (high Jan.29) and then 103.58 (high Jan.24). On the downside, the immediate support aligns at 102.83 (high Feb.21) followed by 102.27 (low Mar.6) and finally 102.12 (low Mar.5).