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28 Jan 2014
USD/JPY accelerates towards 103.00
FXstreet.com (Edinburgh) - The USD is gathering pace now, lifting the USD/JPY to the boundaries of the key barrier at 103.00 on Tuesday.
USD/JPY recovering ground
The Japanese yen continues to weaken today following a more stable tone from the EM. Adding to the JPY downside, investors continue to digest the recent trade data, which showed a ¥1.3 trillion deficit. “We maintain our view of a higher USDJPY, and that the BOJ would likely ease further in 2Q2014, especially if April's Tankan survey shows a moderation in business sentiment”, argued strategists at the Swiss bank UBS.
USD/JPY levels to watch
At the moment spot is up 0.29% at 102.93 facing the next resistance at 103.97 (low Jan.22) ahead of 104.15 (200-h MA) and then 104.55 (21-d MA). On the flip side, a break below 102.00 (low Jan.22) would aim for 101.76 (38.2% of 95.81-105.45) and finally 101.62 (low Dec.5).
USD/JPY recovering ground
The Japanese yen continues to weaken today following a more stable tone from the EM. Adding to the JPY downside, investors continue to digest the recent trade data, which showed a ¥1.3 trillion deficit. “We maintain our view of a higher USDJPY, and that the BOJ would likely ease further in 2Q2014, especially if April's Tankan survey shows a moderation in business sentiment”, argued strategists at the Swiss bank UBS.
USD/JPY levels to watch
At the moment spot is up 0.29% at 102.93 facing the next resistance at 103.97 (low Jan.22) ahead of 104.15 (200-h MA) and then 104.55 (21-d MA). On the flip side, a break below 102.00 (low Jan.22) would aim for 101.76 (38.2% of 95.81-105.45) and finally 101.62 (low Dec.5).