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17 Dec 2013
USD/JPY looking softer ahead of FOMC
FXstreet.com (London) - USD/JPY has remained sub the 103 handle throughout NY while markets attentions are turning towards the FOMC tonight.
The FOMC meeting gets underway today (concludes Wednesday with a press conference). Strategists at TD Securities explained, “While markets view a taper decision this week as possible, it is not viewed as probable—indeed, our base case calls for tapering to start in January (USD15 bn reduction in asset purchases)”. Research strategists at Bank of America Merrill Lynch explained that they expect the Bank of Japan's forthcoming monetary policy meeting on 19-20 December will conclude with no change in its current monetary policy.
USD/JPY Levels
The 20 DMA is 102.15, the 50 DMA is 99.92 and the 200 DMA is 98.79. RSI (14) reads 29.90. Supports are ascending from 102.12, 102.37. Spot is 102.63 while resistances are 102.85, 102.94, 103.16, 103.34, 103.92 and 104.58.
The FOMC meeting gets underway today (concludes Wednesday with a press conference). Strategists at TD Securities explained, “While markets view a taper decision this week as possible, it is not viewed as probable—indeed, our base case calls for tapering to start in January (USD15 bn reduction in asset purchases)”. Research strategists at Bank of America Merrill Lynch explained that they expect the Bank of Japan's forthcoming monetary policy meeting on 19-20 December will conclude with no change in its current monetary policy.
USD/JPY Levels
The 20 DMA is 102.15, the 50 DMA is 99.92 and the 200 DMA is 98.79. RSI (14) reads 29.90. Supports are ascending from 102.12, 102.37. Spot is 102.63 while resistances are 102.85, 102.94, 103.16, 103.34, 103.92 and 104.58.