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21 Feb 2014
USD/JPY firmer around 102.50
FXStreet (Edinburgh) - The greenback is extending its bullish momentum against the Japanese yen on Friday, with the USD/JPY easing to the mid-102.00 after overnight peaks just beyond 102.60.
USD/JPY upside limited at 102.80
The pair fully retraced last week’s pullback although the 102.80 area (Tuesday’s highs) still remains elusive for USD-bulls. Recent US Markit PMI print above estimates was enough to extend the current USD rally despite the generalized softer tone from US releases as of late. In the opinion of Lee Hardman, Currency Analyst at BTMU, “If the US economy regains upward momentum as we anticipate then USD/JPY will likely continue to drift higher resuming its upward trend. In the near-term, the yen still appears too strong relative the recent rebound in global equity markets”.
USD/JPY significant levels
The pair is now advancing 0.17% at 102.48 facing the next resistance at 102.74 (high Feb.18) ahead of 102.84 (Kijun Sen line). On the other hand, a breakdown of 101.53 (daily cloud base) would aim for 101.38 (low Feb.17) and finally 101.25 (low Feb.6).
USD/JPY upside limited at 102.80
The pair fully retraced last week’s pullback although the 102.80 area (Tuesday’s highs) still remains elusive for USD-bulls. Recent US Markit PMI print above estimates was enough to extend the current USD rally despite the generalized softer tone from US releases as of late. In the opinion of Lee Hardman, Currency Analyst at BTMU, “If the US economy regains upward momentum as we anticipate then USD/JPY will likely continue to drift higher resuming its upward trend. In the near-term, the yen still appears too strong relative the recent rebound in global equity markets”.
USD/JPY significant levels
The pair is now advancing 0.17% at 102.48 facing the next resistance at 102.74 (high Feb.18) ahead of 102.84 (Kijun Sen line). On the other hand, a breakdown of 101.53 (daily cloud base) would aim for 101.38 (low Feb.17) and finally 101.25 (low Feb.6).