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14 Feb 2014
USD/JPY on its way to 102.00
FXStreet (Edinburgh) - The increasing risk-on trade is dominating the market sentiment on Friday, pushing the USD/JPY back to the 102.00 handle.
USD/JPY found support at 101.60
After dipping to the area of 101.60 during the Asian trading hours, renewed buying interest is now lifting spot higher, although still in the red ground and sensible lower that session tops around 102.40. Ahead in the day, the Consumer Sentiment tracked by the Reuters/Michigan index would be in the limelight, with consensus expecting the index to ease a tad to 80.6 for the present month, from 81.2. “A breach below the 100.00 level is now an increasing near-term risk and if the equity market falls further the outlook for inflation in Japan will quickly deteriorate”, noted Derek Halpenny, European Head of Global Markets Research at BTMU.
USD/JPY levels to consider
As of writing the pair is down 0.26% at 101.94 with the next support at 101.53 (daily cloud base) followed by 101.50 (61.8% of 100.76-102.71) and then 101.40 (low Feb.7). On the flip side, a break above 102.58 (high Feb.13) would aim for 102.71 (high Feb.11) and finally 102.94 (high Jan.31).
USD/JPY found support at 101.60
After dipping to the area of 101.60 during the Asian trading hours, renewed buying interest is now lifting spot higher, although still in the red ground and sensible lower that session tops around 102.40. Ahead in the day, the Consumer Sentiment tracked by the Reuters/Michigan index would be in the limelight, with consensus expecting the index to ease a tad to 80.6 for the present month, from 81.2. “A breach below the 100.00 level is now an increasing near-term risk and if the equity market falls further the outlook for inflation in Japan will quickly deteriorate”, noted Derek Halpenny, European Head of Global Markets Research at BTMU.
USD/JPY levels to consider
As of writing the pair is down 0.26% at 101.94 with the next support at 101.53 (daily cloud base) followed by 101.50 (61.8% of 100.76-102.71) and then 101.40 (low Feb.7). On the flip side, a break above 102.58 (high Feb.13) would aim for 102.71 (high Feb.11) and finally 102.94 (high Jan.31).