29 Nov 2013
USD/JPY below 102.50 into Europe
FXstreet.com (Barcelona) - Having spiked overnight to post a high at 102.61, USD/JPY was unable to hold above 102.50, and declined into the European open to where it is presently trading at 102.33, up just 0.04% on the days trading.
Data supports Yen selling overnight
Overnight data supported a continuation of Yen selling, with CPI continuing to show evidence of underlying price pressures. Employment data also showed signs of improvement too, but Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ comments that the real test for Abenomics will be if these developments translate into higher wages. He writes, “For now though, today’s developments will add further support for USD/JPY and even if US employment is weaker thanexpected next week, we doubt USD/JPY would correct substantially lower.”
What are today’s key USD/JPY levels?
Today’s central pivot point is at 102.1983, with support for this pair found at 102.0067 (S1), 101.7433 (S2) and 101.5517 (S3), and resistance above at 102.4617 (R1), 102.6533 (R2) and 102.9167 (R3). Special attention should be paid to the price range 102.34-102.68 where several technical levels are confluent today.
Data supports Yen selling overnight
Overnight data supported a continuation of Yen selling, with CPI continuing to show evidence of underlying price pressures. Employment data also showed signs of improvement too, but Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ comments that the real test for Abenomics will be if these developments translate into higher wages. He writes, “For now though, today’s developments will add further support for USD/JPY and even if US employment is weaker thanexpected next week, we doubt USD/JPY would correct substantially lower.”
What are today’s key USD/JPY levels?
Today’s central pivot point is at 102.1983, with support for this pair found at 102.0067 (S1), 101.7433 (S2) and 101.5517 (S3), and resistance above at 102.4617 (R1), 102.6533 (R2) and 102.9167 (R3). Special attention should be paid to the price range 102.34-102.68 where several technical levels are confluent today.