29 Apr 2014
USD/JPY maintain form back on ascending trend line
FXStreet (Guatemala) - USD/JPY is trading at 102.58, up 0.10% on the day, having posted a daily high at 102.79 and low at 102.47.
USD/JPY has been supported by the 102.50 mark again and is attempting to maintain the ascending trend line from the 102 handle at the close of last week. At the time of writing, RSI is neutral at 48.51, down from 53.70 at the last hour close, while ADX is ranging at 12.11, down from 21.01previous.
Meanwhile, the Bank of Japan decision in April will include the release of the latest Outlook report, including fresh GDP and inflation forecasts, as noted by strategists at RBS. “Our economics team believes that the BoJ will revise its GDP growth forecasts down for both FY 14 and 15, which would likely necessitate small downward revisions to the core inflation forecasts as well” Despite these changes, they said that they expect the BoJ to hold policy unchanged at their April meeting and for the Bank to keep its underlying assessment that prices will gradually rise toward target over the projection horizon. “While lower inflation and growth projections may keep expectations of additional BoJ easing alive, a fairly neutral tone from the BoJ on the outlook for monetary policy may disappoint those looking for a clearer signal of additional easing which could be JPY positive”.
USD/JPY Levels
Current price is 102.60, with resistance ahead at 102.61 (Weekly High), 102.64 (Weekly Classic R1), 102.64 (Yesterday's High), 102.74 (Daily Classic R1) and 102.79 (Daily High). Next support to the downside can be found at 102.57 (Hourly 20 EMA), 102.50 (Daily Open), 102.47 (Daily Low), 102.43 (Hourly 200 SMA) and 102.40 (Daily 20 SMA).
USD/JPY has been supported by the 102.50 mark again and is attempting to maintain the ascending trend line from the 102 handle at the close of last week. At the time of writing, RSI is neutral at 48.51, down from 53.70 at the last hour close, while ADX is ranging at 12.11, down from 21.01previous.
Meanwhile, the Bank of Japan decision in April will include the release of the latest Outlook report, including fresh GDP and inflation forecasts, as noted by strategists at RBS. “Our economics team believes that the BoJ will revise its GDP growth forecasts down for both FY 14 and 15, which would likely necessitate small downward revisions to the core inflation forecasts as well” Despite these changes, they said that they expect the BoJ to hold policy unchanged at their April meeting and for the Bank to keep its underlying assessment that prices will gradually rise toward target over the projection horizon. “While lower inflation and growth projections may keep expectations of additional BoJ easing alive, a fairly neutral tone from the BoJ on the outlook for monetary policy may disappoint those looking for a clearer signal of additional easing which could be JPY positive”.
USD/JPY Levels
Current price is 102.60, with resistance ahead at 102.61 (Weekly High), 102.64 (Weekly Classic R1), 102.64 (Yesterday's High), 102.74 (Daily Classic R1) and 102.79 (Daily High). Next support to the downside can be found at 102.57 (Hourly 20 EMA), 102.50 (Daily Open), 102.47 (Daily Low), 102.43 (Hourly 200 SMA) and 102.40 (Daily 20 SMA).