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11 Mar 2014
BOJ is no big deal for USD/JPY
FXStreet (Moscow) - USD/JPY touched dropped to 103.28 from the pre-rate decision level of 103.40, but the downside has stalled for now.
JPY has hardly noticed the BOJ decision
USD/JPY have been hovering just above 103.00 recently, as the bulls felt tired to push the pair above 103.40 resistance level, and the bears were hesitant to add new selling orders until it held above 103.00. Everyone has been waiting for the Bank of Japan monetary policy decision to get a clearer view of what’s going on. There was some noise from the politics and corporations that a pre-emptive monetary policy easing was necessary before the tax increase takes effect. But the central bankers decided otherwise and left both rate and QE pace unchanged. This was widely expected, but the Japanese currency knee-jerked higher across the board reacting to upgraded economic views. USD/JPY dropped to 103.28 where the downside bias started to fade away. On the intraday basis keep an eye at 103.00 support level as it is the key for the bears. The bulls need to clear out 103.40/50 with rumored offers for the upside to accelerate to 103.70.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.21, with support below at 103.00, 102.72 and 102.51, with resistance above at 103.48, 103.69, and 103.97. Hourly Moving Averages are bullish, with the 200SMA at 102.35 and the daily 20EMA at 102.50. Hourly RSI is neutral at 60.
JPY has hardly noticed the BOJ decision
USD/JPY have been hovering just above 103.00 recently, as the bulls felt tired to push the pair above 103.40 resistance level, and the bears were hesitant to add new selling orders until it held above 103.00. Everyone has been waiting for the Bank of Japan monetary policy decision to get a clearer view of what’s going on. There was some noise from the politics and corporations that a pre-emptive monetary policy easing was necessary before the tax increase takes effect. But the central bankers decided otherwise and left both rate and QE pace unchanged. This was widely expected, but the Japanese currency knee-jerked higher across the board reacting to upgraded economic views. USD/JPY dropped to 103.28 where the downside bias started to fade away. On the intraday basis keep an eye at 103.00 support level as it is the key for the bears. The bulls need to clear out 103.40/50 with rumored offers for the upside to accelerate to 103.70.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 103.21, with support below at 103.00, 102.72 and 102.51, with resistance above at 103.48, 103.69, and 103.97. Hourly Moving Averages are bullish, with the 200SMA at 102.35 and the daily 20EMA at 102.50. Hourly RSI is neutral at 60.