16 Jan 2014
USD/JPY a bullish bias
FXstreet.com (London) - USD/JPY is being supported on 104.55 while the channel is descending at the top of the recent run up from 104.40.
USD/JPY got a boost on a broadly bid dollar. The Fed were sounding positive with the release of the Beige book, speakers backing further tapering and disregarding the poor Non Farm Payrolls. Karen Jones, chief analyst at Commerzbank noted the pair with a bullish bias, “USD/JPY saw a strong rebound and the intraday charts have turned more positive. Above 104.50 we will have to allow for another run up to the 105.40/50 region again. This represents recent highs and its long term Fibonacci retracement. We remain unable to rule out another failure here and a deeper retracement to 102.05 and possibly 101.00, the 38.2% and 50% retracements of the move up from October”.
USD/JPY Levels
The 20 DMA is 104.39, the 50 DMA is 102.47 and the 200 DMA is 99.71. RSI (14) reads 52.10. Supports are ascending from 102.85, 103.00, 103.24, 103.54 and104.46. Spot is 104.57 while resistances are 104.70, 105.20 and 105.45.
USD/JPY got a boost on a broadly bid dollar. The Fed were sounding positive with the release of the Beige book, speakers backing further tapering and disregarding the poor Non Farm Payrolls. Karen Jones, chief analyst at Commerzbank noted the pair with a bullish bias, “USD/JPY saw a strong rebound and the intraday charts have turned more positive. Above 104.50 we will have to allow for another run up to the 105.40/50 region again. This represents recent highs and its long term Fibonacci retracement. We remain unable to rule out another failure here and a deeper retracement to 102.05 and possibly 101.00, the 38.2% and 50% retracements of the move up from October”.
USD/JPY Levels
The 20 DMA is 104.39, the 50 DMA is 102.47 and the 200 DMA is 99.71. RSI (14) reads 52.10. Supports are ascending from 102.85, 103.00, 103.24, 103.54 and104.46. Spot is 104.57 while resistances are 104.70, 105.20 and 105.45.