14 May 2014
USD/JPY - Resilient buying but 102.35/40 resistance a tough one
FXStreet (Bali) - USD/JPY is consolidating around the 102.20 handle, having stalled its upward trajectory at the 102.35 on Tuesday, after multiple topside failure to make higher highs intraday.
A lower-than-expected US retail sales report took the rate down towards 102.05 in the last US session, however, impressive buying interest snapped the rate back up near highs. According to Jim Coleman, US Editor at FXBeat, "the recovery is all the more impressive given that EUR/JPY has been pressured by the notion that the Buba is on-board for another round of ECB stimulus, if the WSJ is to be believed", adding that "if EUR/JPY slips through key support at 139.90 on a closing basis, USD/JPY could struggle near-term, however."
Peter Fell, Asia's Editor at FXBeat, notes that "Japanese importers have re-load and left buy orders between 102.00/10, option names have resting demand below 102.10 too, topside, exporters supply kicks in from 102.35 to 102.50", adding that "technical resistance is seen at 102.40, 50% fib on the 101.39/103.02 rise, 102.43 is cloud base on the Ichimoku's."
A lower-than-expected US retail sales report took the rate down towards 102.05 in the last US session, however, impressive buying interest snapped the rate back up near highs. According to Jim Coleman, US Editor at FXBeat, "the recovery is all the more impressive given that EUR/JPY has been pressured by the notion that the Buba is on-board for another round of ECB stimulus, if the WSJ is to be believed", adding that "if EUR/JPY slips through key support at 139.90 on a closing basis, USD/JPY could struggle near-term, however."
Peter Fell, Asia's Editor at FXBeat, notes that "Japanese importers have re-load and left buy orders between 102.00/10, option names have resting demand below 102.10 too, topside, exporters supply kicks in from 102.35 to 102.50", adding that "technical resistance is seen at 102.40, 50% fib on the 101.39/103.02 rise, 102.43 is cloud base on the Ichimoku's."