16 Jul 2014
USD/JPY: What will it take?
FXStreet (Guatemala) - USD/JPY is trading at 101.71, up 0.04% on the day, having posted a daily high at 101.81 and low at 101.63.
USD/JPY has been restricted to a sideways channel of three cents since April this year and has been supported in the main by 101.20. The drop below 101.60 yesterday was a disappointment to the bulls depending on the rising channel from 101.25 this week and 101.06 this last week. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the catalyst to shift the currency out of this range is likely to come from a change in stance at the BoJ (unlikely in the near‐term), a significant shift in the U.S. outlook or a spike in risk aversion.
USD/JPY Levels
With spot trading at 101.72, we can see next resistance ahead at 101.76 (Yesterday's High), 101.81 (Daily High), 101.82 (Daily Classic R1), 101.92 (Daily 200 SMA) and 101.95 (Daily Classic R2). Support below can be found at 101.72 (Daily 20 SMA), 101.70 (Hourly 20 EMA), 101.68 (Weekly High), (Daily Open) and 101.64 (Hourly 200 SMA).
USD/JPY has been restricted to a sideways channel of three cents since April this year and has been supported in the main by 101.20. The drop below 101.60 yesterday was a disappointment to the bulls depending on the rising channel from 101.25 this week and 101.06 this last week. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the catalyst to shift the currency out of this range is likely to come from a change in stance at the BoJ (unlikely in the near‐term), a significant shift in the U.S. outlook or a spike in risk aversion.
USD/JPY Levels
With spot trading at 101.72, we can see next resistance ahead at 101.76 (Yesterday's High), 101.81 (Daily High), 101.82 (Daily Classic R1), 101.92 (Daily 200 SMA) and 101.95 (Daily Classic R2). Support below can be found at 101.72 (Daily 20 SMA), 101.70 (Hourly 20 EMA), 101.68 (Weekly High), (Daily Open) and 101.64 (Hourly 200 SMA).