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7 Mar 2014
USD/JPY threatens 55 DMA
FXStreet (Guatemala) - USD/JPY has taken on the 103 handle and is falling just shy of the 55 DMA at 103.20.
Data today has been disappointing in the US. Analysts at RBS explained, “Markets may look to a US employment outperformance as the start of the next leg higher in USD/JPY. On a weaker than anticipated print, look for US rates and the USD to trade lower – watch the 10-year at 2.60% as the major support. USD weakness, paired with rising global growth concerns, may leave safe-haven JPY and CHF as best supported”. Karen Jones, chief analyst at Commerzbank explained technically, that the USD/JPY continues to creep higher and will shortly encounter the 55 day ma at 103.20. “We suspect the up move may falter here and currently, if it does so, we remain unable to rule out a re-test of the 100.75 February low and the 100.19 200 day ma”. She went on to say that resistance at 103.20 guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo. “We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the 55 week ma at 99.56”.
USD/JPY Levels
The 20 DMA is 102.21, the 50 DMA is 103.13 and the 200 DMA is 100.19. RSI (14) reads 64.62. Supports are ascending from 101.74, 101.99, 102.24, 102.46, 102.85 and 102.94. Spot is 103.01 and 103.45.
Data today has been disappointing in the US. Analysts at RBS explained, “Markets may look to a US employment outperformance as the start of the next leg higher in USD/JPY. On a weaker than anticipated print, look for US rates and the USD to trade lower – watch the 10-year at 2.60% as the major support. USD weakness, paired with rising global growth concerns, may leave safe-haven JPY and CHF as best supported”. Karen Jones, chief analyst at Commerzbank explained technically, that the USD/JPY continues to creep higher and will shortly encounter the 55 day ma at 103.20. “We suspect the up move may falter here and currently, if it does so, we remain unable to rule out a re-test of the 100.75 February low and the 100.19 200 day ma”. She went on to say that resistance at 103.20 guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo. “We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the 55 week ma at 99.56”.
USD/JPY Levels
The 20 DMA is 102.21, the 50 DMA is 103.13 and the 200 DMA is 100.19. RSI (14) reads 64.62. Supports are ascending from 101.74, 101.99, 102.24, 102.46, 102.85 and 102.94. Spot is 103.01 and 103.45.