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20 Oct 2014
USD/JPY ranges play out and 107 handle the focus
FXStreet (Barcelona) - USD/JPY is trading at 106.90, up 0.00% on the day, having posted a daily high at 107.41 and low at 106.79.
USD/JPY bulls have propped up the pair in the face of sellers taking on the 107 handle in respect of a bearish start in European stocks and peripheral spreads widening slightly while bund with gilt yields were a little lower there. In view of risk sentiment, one event that will to key in markets is the ECB next week when it releases its weekly financial statement in respect of their bond-purchasing programme. There may be some market activity concerning the size of their purchases bringing in the yen as a component of risk trading.
Then, directly for the greenback, the US calendar is somewhat quieter than it has been of late. Housing data and CPI are on the cards as well as initial jobless claims again. Ranges may be played out although any breakout attempts might not be concluded ahead of next week’s FOMC meeting.
USD/JPY noteworthy levels
With spot trading at 106.91, we can see next resistance ahead at 106.94 (Hourly 20 EMA), 106.96 (Yesterday's High), 107.05 (Weekly High), 107.17 (Hourly 200 SMA) and 107.20 (Daily Classic R1). Support below can be found at 106.79 (Daily Low), 106.66 (Daily Classic PP), 106.60 (Hourly 100 SMA), 106.57 (Weekly Classic PP) and 106.37
(Daily Classic S1).
USD/JPY bulls have propped up the pair in the face of sellers taking on the 107 handle in respect of a bearish start in European stocks and peripheral spreads widening slightly while bund with gilt yields were a little lower there. In view of risk sentiment, one event that will to key in markets is the ECB next week when it releases its weekly financial statement in respect of their bond-purchasing programme. There may be some market activity concerning the size of their purchases bringing in the yen as a component of risk trading.
Then, directly for the greenback, the US calendar is somewhat quieter than it has been of late. Housing data and CPI are on the cards as well as initial jobless claims again. Ranges may be played out although any breakout attempts might not be concluded ahead of next week’s FOMC meeting.
USD/JPY noteworthy levels
With spot trading at 106.91, we can see next resistance ahead at 106.94 (Hourly 20 EMA), 106.96 (Yesterday's High), 107.05 (Weekly High), 107.17 (Hourly 200 SMA) and 107.20 (Daily Classic R1). Support below can be found at 106.79 (Daily Low), 106.66 (Daily Classic PP), 106.60 (Hourly 100 SMA), 106.57 (Weekly Classic PP) and 106.37
(Daily Classic S1).