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19 Mar 2014
USD/JPY upside limited at 101.70
FXStreet (Edinburgh) -The USD/JPY corrective upside seems to have found a lid in the area of session tops near 101.65/70 on Wednesday.
USD/JPY stronger despite better Japanese data
The pair is edging higher despite the trade deficit surprised to the upside in Japan, narrowing to ¥800.3 billion in February from ¥2,79 billion in the previous month. “The underlying trend remains very sluggish. Exports are expected to expand again once domestic demand weakens after the VAT hike in April”, noted Raymond Van der Putten, Analyst at BNP Paribas. Ahead in the day, spot would be under pressure ahead of the FOMC meeting, where consensus expects the Fed to taper QE by another $10 billion.
USD/JPY key levels
As of writing the pair is up 0.10% at 101.54 with the next up barrier at 101.94 (high Mar.18) ahead of 102.47 (daily cloud base) and then 102.86 (high Mar.13). On the flip side, a breach of 101.20 (low Mar.3) would expose 101.00 (weekly Kijun Sen) and finally 100.80 (low Feb.5).
USD/JPY stronger despite better Japanese data
The pair is edging higher despite the trade deficit surprised to the upside in Japan, narrowing to ¥800.3 billion in February from ¥2,79 billion in the previous month. “The underlying trend remains very sluggish. Exports are expected to expand again once domestic demand weakens after the VAT hike in April”, noted Raymond Van der Putten, Analyst at BNP Paribas. Ahead in the day, spot would be under pressure ahead of the FOMC meeting, where consensus expects the Fed to taper QE by another $10 billion.
USD/JPY key levels
As of writing the pair is up 0.10% at 101.54 with the next up barrier at 101.94 (high Mar.18) ahead of 102.47 (daily cloud base) and then 102.86 (high Mar.13). On the flip side, a breach of 101.20 (low Mar.3) would expose 101.00 (weekly Kijun Sen) and finally 100.80 (low Feb.5).