7 Apr 2014
USD/JPY supported at 103.00
FXStreet (Edinburgh) - The USD/JPY is now regaining the 103.10/15 region on Monday, coming from another test of the critical barrier at 103.00.
USD/JPY lower following the USD
A generalized offered tone in the greenback post-March Payrolls (192K act. vs. 200K exp.) is prevailing amongst traders on Monday, with spot meandering between 103.40 and 103.00. There are no data releases in the US today, although the Japanese current account is due tonight followed by the BoJ monetary policy meeting. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We note that trend momentum studies are bullish across a range of medium-to-longer term timeframes, suggesting that weakness should be limited and fairly short-lived. However, short-term charts are bearish (strong reversal signal on the 6-hour chart) so a drop back to the current range base (101.45) cannot be excluded as a risk”.
USD/JPY levels to consider
The pair is now losing 0.23% at 103.05 with the immediate support at 102.99 (low Apr.7) ahead of 102.92 (Tenkan Sen) and finally 102.90 (100-d MA). On the upside, a break above 103.43 (high Apr.7) would open the door to 103.81 (low Apr.3) and then 104.12 (high Apr.3).
USD/JPY lower following the USD
A generalized offered tone in the greenback post-March Payrolls (192K act. vs. 200K exp.) is prevailing amongst traders on Monday, with spot meandering between 103.40 and 103.00. There are no data releases in the US today, although the Japanese current account is due tonight followed by the BoJ monetary policy meeting. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We note that trend momentum studies are bullish across a range of medium-to-longer term timeframes, suggesting that weakness should be limited and fairly short-lived. However, short-term charts are bearish (strong reversal signal on the 6-hour chart) so a drop back to the current range base (101.45) cannot be excluded as a risk”.
USD/JPY levels to consider
The pair is now losing 0.23% at 103.05 with the immediate support at 102.99 (low Apr.7) ahead of 102.92 (Tenkan Sen) and finally 102.90 (100-d MA). On the upside, a break above 103.43 (high Apr.7) would open the door to 103.81 (low Apr.3) and then 104.12 (high Apr.3).