2 Dec 2013
USD/JPY tops previous week high
FXstreet.com (Barcelona) - Having declined overnight to post a session low at 102.20, USD/JPY has climbed into the European session breaking last week’s high, to peak at 102.67, where it is presently trading, up 0.16% on the day.
Yen likely to remain on defensive
Overnight, BOJ Governor Kuroda spoke overnight, reiterating the banks easing policy is having the desired impact and will continue to do so until the 2% inflation target is met. On the political front he added that there was not a timetable for actions to play out within. He added that he wants the FX market to stabilise, noting that the domestic economy is improving with the repatriation of corporate profits due to the depreciation of the Yen.
What are today’s key USD/JPY levels?
The central pivot point is located at 102.3783. with support for the pair found at 102.1367 (S1), 101.8733 (S2) and 101.6317 (S3). Conversely, daily pivot resistances for this pair are to be found at 102.6417 (R1), 102.8833 (R2) and 103.1467 (R3). Special attention should be paid to the price range 102.66-102.32 where several technical levels are confluent today.
Yen likely to remain on defensive
Overnight, BOJ Governor Kuroda spoke overnight, reiterating the banks easing policy is having the desired impact and will continue to do so until the 2% inflation target is met. On the political front he added that there was not a timetable for actions to play out within. He added that he wants the FX market to stabilise, noting that the domestic economy is improving with the repatriation of corporate profits due to the depreciation of the Yen.
What are today’s key USD/JPY levels?
The central pivot point is located at 102.3783. with support for the pair found at 102.1367 (S1), 101.8733 (S2) and 101.6317 (S3). Conversely, daily pivot resistances for this pair are to be found at 102.6417 (R1), 102.8833 (R2) and 103.1467 (R3). Special attention should be paid to the price range 102.66-102.32 where several technical levels are confluent today.