9 Oct 2013
USD/JPY is up on the FOMC minutes
FXstreet.com (London) - USD/JPY has moved higher printing a high of 97.64 while the minutes said that it was a relatively close call and tapering isn’t off the table.
Prior to the release and earlier in the session USD/JPY had weakened on news that President Obama will (finally) nominate Fed Vice Chair Yellen as Chair of the Federal Reserve. Greg Anderson, strategist at BMO said, “Given Japanese policy makers desire to maintain a weak JPY, the Yellen appointment might arguably be seen as a concern (on fears that extended Fed QE would counteract Japanese QE) but overnight trading showed JPY depreciating slightly”.
USD/JPY Levels
The 20 DMA is 98.29, the 50 DMA is 98.30 and the 200 DMA is 96.78. RSI (14) reads 55.30. Supports are ascending from 96.23, 96.40, 96.53 and 96.81. Spot is currently 97.57 while resistances are 97.88, 98.09 and 98.30.
Prior to the release and earlier in the session USD/JPY had weakened on news that President Obama will (finally) nominate Fed Vice Chair Yellen as Chair of the Federal Reserve. Greg Anderson, strategist at BMO said, “Given Japanese policy makers desire to maintain a weak JPY, the Yellen appointment might arguably be seen as a concern (on fears that extended Fed QE would counteract Japanese QE) but overnight trading showed JPY depreciating slightly”.
USD/JPY Levels
The 20 DMA is 98.29, the 50 DMA is 98.30 and the 200 DMA is 96.78. RSI (14) reads 55.30. Supports are ascending from 96.23, 96.40, 96.53 and 96.81. Spot is currently 97.57 while resistances are 97.88, 98.09 and 98.30.