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28 Nov 2013
USD/JPY consolidated on 102 handle
FXstreet.com (Barcelona) - Lee Hardman, economist at The Bank of Tokyo-Mitsubishi UFJ noted the yen had continued to weaken modestly in the Asian trading session with USD/JPY rising back above the 102.00-level.
USD/JPY is now consolidated above the handle on a sluggish day with NA out for thanks giving. Nevertheless, Hardman noted, “The yen is being undermined by the continued improvement in global investor risk sentiment which is encouraging the use of the yen as a funding currency. The MSCI World equity index continues to move within touching distance of the record high from October 2007, with US equities already posting new record highs on a daily basis”.
USD/JPY Levels
The 20 DMA is 99.79, the 50 DMA is 98.75 and the 200 DMA is 98.20. RSI (14) reads 62.95. Supports are ascending from 101.10, 101.43, 101.74, 101.85, 102.08. Spot is currently 102.23 with resistances at 102.59, 103.57 and 103.74.
USD/JPY is now consolidated above the handle on a sluggish day with NA out for thanks giving. Nevertheless, Hardman noted, “The yen is being undermined by the continued improvement in global investor risk sentiment which is encouraging the use of the yen as a funding currency. The MSCI World equity index continues to move within touching distance of the record high from October 2007, with US equities already posting new record highs on a daily basis”.
USD/JPY Levels
The 20 DMA is 99.79, the 50 DMA is 98.75 and the 200 DMA is 98.20. RSI (14) reads 62.95. Supports are ascending from 101.10, 101.43, 101.74, 101.85, 102.08. Spot is currently 102.23 with resistances at 102.59, 103.57 and 103.74.