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21 May 2014
USD/JPY looking for a close below 200 DMA
FXStreet (Guatemala) - USD/JPY is trading at 101.30, down -0.03% on the day, having posted a daily high at 101.37 and low at 101.28.
For USD/JPY, the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish, trying for a close below the 200 DMA. Meanwhile, strategists at RBS explained the Bank of Japan decision is due tonight and the fairly neutral comments from the BoJ, paired with a stronger than anticipated growth pace in the first quarter, likely point toward an unchanged stance from the Bank of Japan. “The Bank does not yet have a national CPI print for April, the first month since the consumption tax hike was put in place. That may make action at this week's meeting even less likely. Our economics team has revised up their growth forecast for Japan to 1.1% y/y for FY 2014 from 0.5%. The latest trade data will be released for April as well and a slowdown in imports, likely linked to a slowdown in consumer demand after the tax hike, may reduce the trade deficit”.
USD/JPY Levels
Current price is 101.31, with resistance ahead at 101.33 (Daily Open), 101.33 (Hourly 20 EMA), 101.37 (Daily High), 101.40 (Daily Classic PP) and 101.50 (Monthly Low). Next support to the downside can be found at 101.28 (Daily Low), 101.22 (Daily 200 SMA), 101.20 (Daily Classic S1), 101.19 (Yesterday's Low) and 101.08 (Weekly Classic S1).
For USD/JPY, the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish, trying for a close below the 200 DMA. Meanwhile, strategists at RBS explained the Bank of Japan decision is due tonight and the fairly neutral comments from the BoJ, paired with a stronger than anticipated growth pace in the first quarter, likely point toward an unchanged stance from the Bank of Japan. “The Bank does not yet have a national CPI print for April, the first month since the consumption tax hike was put in place. That may make action at this week's meeting even less likely. Our economics team has revised up their growth forecast for Japan to 1.1% y/y for FY 2014 from 0.5%. The latest trade data will be released for April as well and a slowdown in imports, likely linked to a slowdown in consumer demand after the tax hike, may reduce the trade deficit”.
USD/JPY Levels
Current price is 101.31, with resistance ahead at 101.33 (Daily Open), 101.33 (Hourly 20 EMA), 101.37 (Daily High), 101.40 (Daily Classic PP) and 101.50 (Monthly Low). Next support to the downside can be found at 101.28 (Daily Low), 101.22 (Daily 200 SMA), 101.20 (Daily Classic S1), 101.19 (Yesterday's Low) and 101.08 (Weekly Classic S1).