29 Apr 2014
USD/JPY hovers around 102.50, Japan on holidays
FXStreet (Bali) - USD/JPY has so far kept the exchange rate unchanged around the 102.50, with liquidity way below normal levels as Japanese markets are today closed due to Shōwa day.
Traders will now focus on the next risk events, both due on Wednesday, when the BOJ and FOMC release their respective monetary policy decisions, with "no change expected from the BOJ – although some banks are calling for another easing, and another $10 bi taper from the Fed", Jim Langlands, Founder at FXCharts, notes.
Technically, Langlands added: "On the topside, the 102.70 resistance (50% pivot of 104.12/101.31/Daily Tenkan) remains intact, ahead of more solid offers at 102.92 (100 DMA), 103.00 (61.8%) and 103.05 (daily cloud top). Above this would see an acceleration to 103.45 (76.4% of 104.12/101.31), albeit not today."
On the downside, 102.00 is expected to act as next key support, and below 102.00, "there will be minor support at 101.85, and then at 101.65 which currently looks unlikely to be disturbed", Langlands said.
Traders will now focus on the next risk events, both due on Wednesday, when the BOJ and FOMC release their respective monetary policy decisions, with "no change expected from the BOJ – although some banks are calling for another easing, and another $10 bi taper from the Fed", Jim Langlands, Founder at FXCharts, notes.
Technically, Langlands added: "On the topside, the 102.70 resistance (50% pivot of 104.12/101.31/Daily Tenkan) remains intact, ahead of more solid offers at 102.92 (100 DMA), 103.00 (61.8%) and 103.05 (daily cloud top). Above this would see an acceleration to 103.45 (76.4% of 104.12/101.31), albeit not today."
On the downside, 102.00 is expected to act as next key support, and below 102.00, "there will be minor support at 101.85, and then at 101.65 which currently looks unlikely to be disturbed", Langlands said.