20 Mar 2014
USD/JPY muted after US data
FXStreet (Córdoba) - The USD/JPY continues to consolidate in a slim range Thursday as investors digest the latest FOMC statement, unable to set a short-term direction with the latest string of US data having virtually no impact on the cross.
The USD/JPY has spent the entire day consolidating the previous' day gains, trading within 102.20 and 102.55. At time of writing, the USD/JPY is trading at the 102.40 zone, virtually unchanged on the day.
While US jobless claims came in better-than-expected, existing home sales unexpectedly fell in February while Philly Fed manufacturing index beat expectations.
USD/JPY technical levels
"USD/JPY gains had been modest compared to dollar European crosses, albeit the pair is far from even testing critical levels: contained below 102.60 Fibonacci resistance, the hourly chart shows indicators corrected most of the overbought readings and approach their midlines, while 200 SMA offers short term support currently around 102.10", said Valeria Bednarik, analyst at FXStreet. "In the 4 hours chart a mild bullish tone prevails, albeit unless a clear advance beyond mentioned resistance, the upside will likely remain limited".
The USD/JPY has spent the entire day consolidating the previous' day gains, trading within 102.20 and 102.55. At time of writing, the USD/JPY is trading at the 102.40 zone, virtually unchanged on the day.
While US jobless claims came in better-than-expected, existing home sales unexpectedly fell in February while Philly Fed manufacturing index beat expectations.
USD/JPY technical levels
"USD/JPY gains had been modest compared to dollar European crosses, albeit the pair is far from even testing critical levels: contained below 102.60 Fibonacci resistance, the hourly chart shows indicators corrected most of the overbought readings and approach their midlines, while 200 SMA offers short term support currently around 102.10", said Valeria Bednarik, analyst at FXStreet. "In the 4 hours chart a mild bullish tone prevails, albeit unless a clear advance beyond mentioned resistance, the upside will likely remain limited".