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21 May 2014
USD/JPY turns intraday positive
FXStreet (Córdoba) - The USD/JPY is staging a strong comeback, having turned intraday positive, supported by higher US yields.
The USD/JPY has risen more than 70 pips over the last hours, recovering from a 3-month low of 100.82 scored on the back of Kuroda comments as the BoJ Governor sounded pretty optimistic in its post-meeting presser. He said positive cycle in the economy is working and the QE is having the intended effect.
However, the yen lost momentum and surrendered gains across the board. At time of writing, the USD/JPY is trading at the 101.50 area, up 0.2% on the day, having hit a peak of 101.55 in recent dealings.
USD/JPY technical levels
In terms of technical levels, the USD/JPY could find next supports at 100.7 (2014 low Feb 4), 100.62 (50% retracement of 95.80/105.45) and not much till 100.00. On the flip side, resistances are seen at 101.55 (10-day SMA) and 101.66 (May 16 high).
The USD/JPY has risen more than 70 pips over the last hours, recovering from a 3-month low of 100.82 scored on the back of Kuroda comments as the BoJ Governor sounded pretty optimistic in its post-meeting presser. He said positive cycle in the economy is working and the QE is having the intended effect.
However, the yen lost momentum and surrendered gains across the board. At time of writing, the USD/JPY is trading at the 101.50 area, up 0.2% on the day, having hit a peak of 101.55 in recent dealings.
USD/JPY technical levels
In terms of technical levels, the USD/JPY could find next supports at 100.7 (2014 low Feb 4), 100.62 (50% retracement of 95.80/105.45) and not much till 100.00. On the flip side, resistances are seen at 101.55 (10-day SMA) and 101.66 (May 16 high).