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14 Mar 2014
USD/JPY finds demand on 102 handle
FXStreet (Guatemala) - USD/JPY has a rallied off from the lows on 101.20 and has reached 101.60.
On Thursday’s business USD/JPY dropped to a six month support line at 101.63 which has been taken out today. Karen Jones, chief economist at Commerzbank said the current March low at 101.20 will be back on the map now.” Further strong support remains to be seen at the 100.77 February trough. Both of these areas are likely to be hit next week with the 200 day moving average at 100.30 then being in focus. Resistance now comes in between the 38.2% Fibonacci retracement at 102.55 and the February high at 102.83 as well as the mid-January low at 102.85”. The JPY had been the top-performing currency on the day today, rounding out a solid week for the currency overall and forcing USD/JPY back to the 101.40 support zone. From the US we have seen the Michigan sentiment slumping to 79.9 from 81.6 which was below 82.0 consensus forecast. and also the US PPI falling 0.1% in Feb, ex-food and energy -0.2% while year-over year up 0.9, ex-food and energy up 1.1% and coming in a good deal lower than expected overall.
USD/JPY Levels
The 20 DMA is 102.36, the 50 DMA is 102.89 and the 200 DMA is 100.27. RSI (14) reads 38.94 Supports are ascending from 101.07, 101.20 and 101.45. Spot is 101.88 while resistances are 102.17,102.41 and 102.60.
On Thursday’s business USD/JPY dropped to a six month support line at 101.63 which has been taken out today. Karen Jones, chief economist at Commerzbank said the current March low at 101.20 will be back on the map now.” Further strong support remains to be seen at the 100.77 February trough. Both of these areas are likely to be hit next week with the 200 day moving average at 100.30 then being in focus. Resistance now comes in between the 38.2% Fibonacci retracement at 102.55 and the February high at 102.83 as well as the mid-January low at 102.85”. The JPY had been the top-performing currency on the day today, rounding out a solid week for the currency overall and forcing USD/JPY back to the 101.40 support zone. From the US we have seen the Michigan sentiment slumping to 79.9 from 81.6 which was below 82.0 consensus forecast. and also the US PPI falling 0.1% in Feb, ex-food and energy -0.2% while year-over year up 0.9, ex-food and energy up 1.1% and coming in a good deal lower than expected overall.
USD/JPY Levels
The 20 DMA is 102.36, the 50 DMA is 102.89 and the 200 DMA is 100.27. RSI (14) reads 38.94 Supports are ascending from 101.07, 101.20 and 101.45. Spot is 101.88 while resistances are 102.17,102.41 and 102.60.