3 Feb 2014
USD/JPY for 100.00?
FXStreet (Guatemala) - USD/JPY has been falling on a number of counts; data and then risk aversion, more data.
Lee Hardman, currency analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the emerging market currency sell off has continued overnight following the release of the latest PMI surveys from China which have reinforced investor concerns over slowing economic growth. From the US today, first, we had US Markit PMI where markets were expecting 53.9. The figure came in at 53.7 in January from 55.0 in December with little market reaction there. Then the US ISM Manufacturing PMI is down to 51.3 in January from 57 in December. Analysts at Commerzbank noted, “ …while capped by 103.70, the near term risk remains for losses to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October.
USD/JPY Levels
The 20 DMA is 103.71, the 50 DMA is 103.48 and the 200 DMA is 100.01. RSI (14) reads 32.63. Supports are ascending from 100.96. Spot is 101.10. Resistances are 101.85, 102.36, 102.94, 103.08,103.50 and103.58.
Lee Hardman, currency analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the emerging market currency sell off has continued overnight following the release of the latest PMI surveys from China which have reinforced investor concerns over slowing economic growth. From the US today, first, we had US Markit PMI where markets were expecting 53.9. The figure came in at 53.7 in January from 55.0 in December with little market reaction there. Then the US ISM Manufacturing PMI is down to 51.3 in January from 57 in December. Analysts at Commerzbank noted, “ …while capped by 103.70, the near term risk remains for losses to 101.00 and possibly 100.00, the 50% and the 61.8% retracement of the move up from October.
USD/JPY Levels
The 20 DMA is 103.71, the 50 DMA is 103.48 and the 200 DMA is 100.01. RSI (14) reads 32.63. Supports are ascending from 100.96. Spot is 101.10. Resistances are 101.85, 102.36, 102.94, 103.08,103.50 and103.58.