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20 May 2014
USD/JPY threating the downside and key supporting areas
FXStreet (Guatemala) - USD/JPY is trading at 101.24, down -0.25% on the day, having posted a daily high at 101.61 and low at 101.21.
USD/JPY noted that the JPY is strong and is trying to break and close below the 200day MA at 101.25. The technical indications are warning us of further downside. Meanwhile, daily RSI is in neutral territory still at 39.90. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained however that it is the year to date low of 100.76 that is the core support level, which she said they expect to hold. “Today’s data was all second tier, leading into the BoJ meeting and trade balance release in Wednesday’s Asian session. We do not expect any shift at the BoJ meeting or Gov Kuroda’s press conference."
USD/JPY Levels
Spot is presently trading at 101.25, and next resistance can be seen at 101.37 (Hourly 20 EMA), 101.40 (Daily Classic PP), 101.50 (Daily Open), 101.50 (Monthly Low) and 101.50 (Weekly Low). Next support to the downside can be found at 101.22 (Daily 200 SMA), 101.21 (Daily Low), 101.20 (Daily Classic S1), 101.10 (Yesterday's Low) and 101.08 (Weekly Classic S1).
USD/JPY noted that the JPY is strong and is trying to break and close below the 200day MA at 101.25. The technical indications are warning us of further downside. Meanwhile, daily RSI is in neutral territory still at 39.90. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained however that it is the year to date low of 100.76 that is the core support level, which she said they expect to hold. “Today’s data was all second tier, leading into the BoJ meeting and trade balance release in Wednesday’s Asian session. We do not expect any shift at the BoJ meeting or Gov Kuroda’s press conference."
USD/JPY Levels
Spot is presently trading at 101.25, and next resistance can be seen at 101.37 (Hourly 20 EMA), 101.40 (Daily Classic PP), 101.50 (Daily Open), 101.50 (Monthly Low) and 101.50 (Weekly Low). Next support to the downside can be found at 101.22 (Daily 200 SMA), 101.21 (Daily Low), 101.20 (Daily Classic S1), 101.10 (Yesterday's Low) and 101.08 (Weekly Classic S1).