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19 Mar 2014
USD/JPY clings to 101.50
FXStreet (Córdoba) - The USD/JPY remains anchored to the 101.50 area, unable to set fresh direction as investors await the Federal Reserve statement on monetary policy.
Today the Fed concludes a 2-day meeting and besides the statement bank's officials will update their GDP, unemployment and core PCE forecasts. Most analysts are expecting the Fed to continue tapering QE by $10 billion and all eyes remain on Yellen which is due to address her first news conference as chair later in the day. At time of writing, the USD/JPY is trading at the 101.50 zone, virtually unchanged on the day.
USD/JPY technical levels
"Trading around its daily opening, the USD/JPY hourly chart shows price capped below its 100 SMA, while indicators hold above their midlines lacking direction at the time being", says Valeria Bednarik, chief analyst at FXStreet. "Overall, the pair remains bearish as per being unable to recover above the 101.85 static Fibonacci resistance, albeit further falls below 101.20 are required to confirm a new bearish leg".
Today the Fed concludes a 2-day meeting and besides the statement bank's officials will update their GDP, unemployment and core PCE forecasts. Most analysts are expecting the Fed to continue tapering QE by $10 billion and all eyes remain on Yellen which is due to address her first news conference as chair later in the day. At time of writing, the USD/JPY is trading at the 101.50 zone, virtually unchanged on the day.
USD/JPY technical levels
"Trading around its daily opening, the USD/JPY hourly chart shows price capped below its 100 SMA, while indicators hold above their midlines lacking direction at the time being", says Valeria Bednarik, chief analyst at FXStreet. "Overall, the pair remains bearish as per being unable to recover above the 101.85 static Fibonacci resistance, albeit further falls below 101.20 are required to confirm a new bearish leg".