25 Jun 2014
USD/JPY boring below 102.00
FXStreet (Edinburgh) - The USD/JPY is extending its consolidative pattern just below the 102.00 handle on Wednesday.
USD/JPY focus on US data
Absent relevant events and with volatility in historically low levels, the US docket gained relevance today, with Durable Goods Orders and the second revision of the GDP Annualized in the limelight. “As the Fed pares back its QE and gradually edges towards its first rate hike, the accommodative position of the BoJ will, on a relative basis, become even more pronounced. We expect USD/JPY to hold around current levels near term, but see scope for a move towards 107 early next year”, noted Jane Foley, Senior Currency Strategist at Rabobank.
USD/JPY relevant levels
As of writing the pair is losing 0.02% at 101.94 with the next support at 101.74 (low Jun.19) followed by 101.69 (200-d MA) and then 101.60 (low Jun.12). On the upside, a break above 102.17 (high Jun.24) would expose 102.20 (high Jun.20) and finally 102.39 (high Jun.11).
USD/JPY focus on US data
Absent relevant events and with volatility in historically low levels, the US docket gained relevance today, with Durable Goods Orders and the second revision of the GDP Annualized in the limelight. “As the Fed pares back its QE and gradually edges towards its first rate hike, the accommodative position of the BoJ will, on a relative basis, become even more pronounced. We expect USD/JPY to hold around current levels near term, but see scope for a move towards 107 early next year”, noted Jane Foley, Senior Currency Strategist at Rabobank.
USD/JPY relevant levels
As of writing the pair is losing 0.02% at 101.94 with the next support at 101.74 (low Jun.19) followed by 101.69 (200-d MA) and then 101.60 (low Jun.12). On the upside, a break above 102.17 (high Jun.24) would expose 102.20 (high Jun.20) and finally 102.39 (high Jun.11).