26 May 2014
USD/JPY probing mid May highs
FXStreet (Guatemala) - USD/JPY is trading at 101.89, down -0.06% on the day, having posted a daily high at 102.07 and low at 101.84.
On what looks to be a quiet week ahead still on the calendar, looking to the technical, Karen Jones, chief analyst at Commerzbank noted that the USD/JPY is probing the 101.89/102.36 area and explained that this is the mid May high, the 55 day ma and the short term resistance line. “We look for this to hold the initial test and provoke a retest of the 100.75/76 support – the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45. Loss of psychological support at 100.00 would add weight to that view”.
USD/JPY fundamentals
Thursday will finally bring us in some fundamentals for both the US and Japan. GDP and jobless numbers for the US will take centre spot while the unemployment rates and CPI’s for Japan will be keenly monitored in Asia.
USD/JPY Levels
With spot trading at 101.91, we can see next resistance ahead at 101.97 (Daily Open), 101.97 (Weekly High), 102.02 (Yesterday's High), 102.07 (Daily High) and 102.13 (Daily Classic R1). Support below can be found at 101.90 (Hourly 20 EMA), 101.87 (Daily 20 SMA), 101.86 (Daily Classic PP), 101.84 (Daily Low) and 101.70 (Daily Classic S1).
On what looks to be a quiet week ahead still on the calendar, looking to the technical, Karen Jones, chief analyst at Commerzbank noted that the USD/JPY is probing the 101.89/102.36 area and explained that this is the mid May high, the 55 day ma and the short term resistance line. “We look for this to hold the initial test and provoke a retest of the 100.75/76 support – the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45. Loss of psychological support at 100.00 would add weight to that view”.
USD/JPY fundamentals
Thursday will finally bring us in some fundamentals for both the US and Japan. GDP and jobless numbers for the US will take centre spot while the unemployment rates and CPI’s for Japan will be keenly monitored in Asia.
USD/JPY Levels
With spot trading at 101.91, we can see next resistance ahead at 101.97 (Daily Open), 101.97 (Weekly High), 102.02 (Yesterday's High), 102.07 (Daily High) and 102.13 (Daily Classic R1). Support below can be found at 101.90 (Hourly 20 EMA), 101.87 (Daily 20 SMA), 101.86 (Daily Classic PP), 101.84 (Daily Low) and 101.70 (Daily Classic S1).