7 Feb 2014
USD/JPY faces daily kijun, buying pressure continues
FXStreet (Bali) - With the SP500 rallying on Thursday, USD/JPY buyers found the perfect excuse to lift the rate from 101.25 lows and launch an aggressive attack towards the 102.00 handle, reaching a high of 102.15 - capped by the daily kijun line -, ending NY up 0.67% for the day.
Strong Nikkei 225 open bodes well for USD/JPY buyers
The next directional bias for the session will be set depending on today's Nikkei 225 performance. Soaring Nikkei futures led to a significant gap at the Tokyo open, with the benchmark Japanese index opening at 14,380 or +1.58% after breaking above resistance at 14,300/330, allowing further upside towards 14,500 up to 14,580/600, where another important resistance (late Jan lows) is faced.
USD/JPY technicals ahead of NFP data
According to Jim Langlands, Founder at FXCharts: "I suspect that 102.20/30 will continue to remain toppish thorough Asia/Europe, although the US equities are higher, as are the Nikkei futures (+1.9%), and if that momentum can be carried through to Asia, then US$/Jpy is likely to remain reasonably well underpinned ahead of the NFP."
Strong Nikkei 225 open bodes well for USD/JPY buyers
The next directional bias for the session will be set depending on today's Nikkei 225 performance. Soaring Nikkei futures led to a significant gap at the Tokyo open, with the benchmark Japanese index opening at 14,380 or +1.58% after breaking above resistance at 14,300/330, allowing further upside towards 14,500 up to 14,580/600, where another important resistance (late Jan lows) is faced.
USD/JPY technicals ahead of NFP data
According to Jim Langlands, Founder at FXCharts: "I suspect that 102.20/30 will continue to remain toppish thorough Asia/Europe, although the US equities are higher, as are the Nikkei futures (+1.9%), and if that momentum can be carried through to Asia, then US$/Jpy is likely to remain reasonably well underpinned ahead of the NFP."