4 Apr 2014
USD/JPY sidelined below 104.00
FXStreet (Edinburgh) - In an anemic trading, the USD/JPY is extending the consolidation pattern below the 104.00 handle on Friday, as markets wait for US Payrolls.
USD/JPY supported by US data
Recent upbeat data releases in the US economy plus the ongoing QE tapering – which is expected to conclude by October – have been bolstering the pair via de USD dollar. In the same direction, increasing risk appetite in past sessions has also collaborated with the upside. “USD/JPY upside in the week ahead maybe dampened above the 105.00-level by profit taking. Yen selling may also be supported by the release of Japan’s current account report for February highlighting weakening fundamentals”, noted analysts at BTMU.
USD/JPY levels to consider
At the moment the pair is flat at 103.91 with the initial resistance at 104.12 (high Apr.3) followed by 104.34 (76.4% of 105.45-100.76) and then 104.84 (high Jan.23). On the downside, a break below 103.81 (low Apr.3) would target 103.10 (high Mar.12) en route to 103.09 (low Apr.1).
USD/JPY supported by US data
Recent upbeat data releases in the US economy plus the ongoing QE tapering – which is expected to conclude by October – have been bolstering the pair via de USD dollar. In the same direction, increasing risk appetite in past sessions has also collaborated with the upside. “USD/JPY upside in the week ahead maybe dampened above the 105.00-level by profit taking. Yen selling may also be supported by the release of Japan’s current account report for February highlighting weakening fundamentals”, noted analysts at BTMU.
USD/JPY levels to consider
At the moment the pair is flat at 103.91 with the initial resistance at 104.12 (high Apr.3) followed by 104.34 (76.4% of 105.45-100.76) and then 104.84 (high Jan.23). On the downside, a break below 103.81 (low Apr.3) would target 103.10 (high Mar.12) en route to 103.09 (low Apr.1).