21 Jan 2014
USD/JPY awaits the BoJ
FXstreet.com (Guatemala) - USD/JPY is ranged between 103.92 and 104.26 ahead of the BoJ rate decision.
Strategists at ANZ said the return of JPY weakness is developing into a potential key driver for 2014. They went onto say that the next leg higher in the USD appears to be developing. The central bank of Japan is widely expected to wait and hold until the sales-tax hike in April and the 2% inflation target is expected to be retained by Governor Haruhiko Kuroda. However, due to a slower recovery from Japan, we might hear a slightly more dovish tone a more dovish tone coming form the central bank.
USD/JPY Levels
The 20 DMA is 104.49, the 50 DMA is 102.83 and the 200 DMA is 99.79. RSI (14) reads 52.78. Supports are ascending from 102.85,103.54, 103.64,103.87. Spot is104.19 while resistances are 104.32,104.53,104.66 and104.92.
Strategists at ANZ said the return of JPY weakness is developing into a potential key driver for 2014. They went onto say that the next leg higher in the USD appears to be developing. The central bank of Japan is widely expected to wait and hold until the sales-tax hike in April and the 2% inflation target is expected to be retained by Governor Haruhiko Kuroda. However, due to a slower recovery from Japan, we might hear a slightly more dovish tone a more dovish tone coming form the central bank.
USD/JPY Levels
The 20 DMA is 104.49, the 50 DMA is 102.83 and the 200 DMA is 99.79. RSI (14) reads 52.78. Supports are ascending from 102.85,103.54, 103.64,103.87. Spot is104.19 while resistances are 104.32,104.53,104.66 and104.92.