18 Sep 2013
USD/JPY in wait and see mode
FXstreet.com (London) - USD/JPY took a dive from above the 99.00 handle at 99.20/30 into 98.79 and is trading with a tight range between there and the figure.
USD/JPY awaits the out come of key US releases coming up in the form of the FOMC. Greg Anderson explained “The market has been looking forward to this FOMC decision since the Minutes of the May 1st meeting contained concrete hints that the FOMC was looking at reducing its monthly QE quantity from the present $85bn per month ($40bn mortgage-backed agency securities, $45bn US Treasuries). Every data point and every speech by a FOMC participant has been interpreted with regards to how it might change the odds of the Fed tapering at this meeting…the mix of data has come in inconclusive, so that the decision on whether or not to taper in September will be a difficult judgement call for every FOMC member”. Later tonight, we will have investment flows data in Japan and BoJ Governor speaking.
USD/JPY Levels
The 20 DMA reads 99.05, the 50 DMA reads 98.68 and 200 DMA is 95.81. RSI (14) reads 43.36. Supports are ascending from 98.06, 98.45 and 98.64. Spot is currently 98.98 while resistances are 99.22, 99.38, 99.56, 99.77 and 99.99
USD/JPY awaits the out come of key US releases coming up in the form of the FOMC. Greg Anderson explained “The market has been looking forward to this FOMC decision since the Minutes of the May 1st meeting contained concrete hints that the FOMC was looking at reducing its monthly QE quantity from the present $85bn per month ($40bn mortgage-backed agency securities, $45bn US Treasuries). Every data point and every speech by a FOMC participant has been interpreted with regards to how it might change the odds of the Fed tapering at this meeting…the mix of data has come in inconclusive, so that the decision on whether or not to taper in September will be a difficult judgement call for every FOMC member”. Later tonight, we will have investment flows data in Japan and BoJ Governor speaking.
USD/JPY Levels
The 20 DMA reads 99.05, the 50 DMA reads 98.68 and 200 DMA is 95.81. RSI (14) reads 43.36. Supports are ascending from 98.06, 98.45 and 98.64. Spot is currently 98.98 while resistances are 99.22, 99.38, 99.56, 99.77 and 99.99