22 Jan 2014
USD/JPY got some fuel from Nikkei
FXstreet.com (Moscow) - Nikkei posted new session highs at 15,870.53 triggering another wave of demand on USD/JPY; it just reached 104.56, and is ready to go further.
If the BOJ cannot do it the Nikkei will!
">The Bank of Japan monetary policy decision was a slight disappointment pushing the pair 20 pips lower. The market expected to see some positive revisions to GDP after the recent IMF forecasts, but the regulator chose to present a marginal downgrade of the GDP outlook for 2014/15. Nevertheless, we still haven’t got the official comments scheduled later for the day. The rise of Nikkei to new session highs could be triggered by the expectations for Kuroda’s press-conference where we may see some hints for additional stimulus in case the economy slows down the growth. It may help the pair to move higher with the next target at 104.75.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 104.39, with support below at 104.01, 103.65 and 103.28, with resistance above at 104.75, 105.12, and 105.48. Hourly Moving Averages are neutral, with the 200SMA at 104.22 and the daily 20EMA at 104.19. Hourly RSI is neutral at 49.62.
If the BOJ cannot do it the Nikkei will!
">The Bank of Japan monetary policy decision was a slight disappointment pushing the pair 20 pips lower. The market expected to see some positive revisions to GDP after the recent IMF forecasts, but the regulator chose to present a marginal downgrade of the GDP outlook for 2014/15. Nevertheless, we still haven’t got the official comments scheduled later for the day. The rise of Nikkei to new session highs could be triggered by the expectations for Kuroda’s press-conference where we may see some hints for additional stimulus in case the economy slows down the growth. It may help the pair to move higher with the next target at 104.75.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 104.39, with support below at 104.01, 103.65 and 103.28, with resistance above at 104.75, 105.12, and 105.48. Hourly Moving Averages are neutral, with the 200SMA at 104.22 and the daily 20EMA at 104.19. Hourly RSI is neutral at 49.62.