17 Jul 2014
USD/JPY could be a buy medium term?
FXStreet (Guatemala) - USD/JPY is trading at 101.36, down -0.30% on the day, having posted a daily high at 101.71 and low at 101.25.
Despite the recent 30 pip moved to the downside, USD/JPY couldn’t get much more neutra land remains in a three cent range, with strong daily support here of which it is currently testing again. Looking to a daily chart, we see that RSI is still very neutral at 47.98. However, Jane Foley, Senior Currency Strategist at Rabobank explained that there is good reason to expect USD/JPY to head higher medium-term. “That said, the slow pace of USD appreciation, the re-pricing of expectations about additional BoJ easing and our view that Japanese investors will become less enamoured by the AUD and the NZD in the months ahead could pressure USD/JPY a little lower near-term and could contain upside potential in the coming 12 mths. We have revised lower our 12 mth USD/JPY forecast to 107.00 from 110.00”.
USD/JPY Levels
With spot trading at 101.37, we can see next resistance ahead at 101.42 (Daily Classic S3), 101.50 (Hourly 20 EMA), 101.52 (Weekly Classic PP), (Daily Classic S2) and 101.56 (Hourly 100 SMA). Support below can be found at 101.26 (Monthly Low), 101.26 (Weekly Low), 101.25 (Daily Low), 101.00 (YTD Low) and 100.81 (Weekly Classic S1).
Despite the recent 30 pip moved to the downside, USD/JPY couldn’t get much more neutra land remains in a three cent range, with strong daily support here of which it is currently testing again. Looking to a daily chart, we see that RSI is still very neutral at 47.98. However, Jane Foley, Senior Currency Strategist at Rabobank explained that there is good reason to expect USD/JPY to head higher medium-term. “That said, the slow pace of USD appreciation, the re-pricing of expectations about additional BoJ easing and our view that Japanese investors will become less enamoured by the AUD and the NZD in the months ahead could pressure USD/JPY a little lower near-term and could contain upside potential in the coming 12 mths. We have revised lower our 12 mth USD/JPY forecast to 107.00 from 110.00”.
USD/JPY Levels
With spot trading at 101.37, we can see next resistance ahead at 101.42 (Daily Classic S3), 101.50 (Hourly 20 EMA), 101.52 (Weekly Classic PP), (Daily Classic S2) and 101.56 (Hourly 100 SMA). Support below can be found at 101.26 (Monthly Low), 101.26 (Weekly Low), 101.25 (Daily Low), 101.00 (YTD Low) and 100.81 (Weekly Classic S1).