24 Oct 2013
USD/JPY consolidated before 97.00, where next?
FXstreet.com (London) - Takahiro Sekido, Japan Strategist at Bank of Tokyo Mitsubishi said USD/JPY may move upward moderately along a narrow path.
“JPY is likely to depreciate further versus Asian currencies due to i) a correction after resolution of the US budget issue, ii) BoJ’s forward-looking policy stance to mitigate JPY appreciation risk, and iii) capital outflows to Asia from Japan supported by Abenomics. USD/JPY, we expect, is likely to depreciate to the 99.00 level in one month, 102.00 in three months, and 105.00 in twelve months taking into account the recent postponement of QE tapering”.
USD/JPY Levels
The 20 DMA is 97.82, the 50 DMA is 98.40 and the 200 DMA is 97.31. RSI (14) reads 47.60. Supports are ascending from 96.55, 96.81, 97.03 and 97.12. Spot is currently 97.35 while resistances are 97.60, 97.86 97.99 and 98.19.
“JPY is likely to depreciate further versus Asian currencies due to i) a correction after resolution of the US budget issue, ii) BoJ’s forward-looking policy stance to mitigate JPY appreciation risk, and iii) capital outflows to Asia from Japan supported by Abenomics. USD/JPY, we expect, is likely to depreciate to the 99.00 level in one month, 102.00 in three months, and 105.00 in twelve months taking into account the recent postponement of QE tapering”.
USD/JPY Levels
The 20 DMA is 97.82, the 50 DMA is 98.40 and the 200 DMA is 97.31. RSI (14) reads 47.60. Supports are ascending from 96.55, 96.81, 97.03 and 97.12. Spot is currently 97.35 while resistances are 97.60, 97.86 97.99 and 98.19.