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17 Oct 2013
USD/JPY treading water below 98.00
FXstreet.com (Edinburgh) -The offered tone around the US dollar persists on Thursday, with the USD/JPY now attempting some sort of consolidation pattern in the 97.90/98.00 band.
USD/JPY supported around 98.00
Despite the sharp sell-off in the world’s reserve, the pair seems to have found decent support in the proximities of the key 98.00 handle. In the meantime, and with the debt-ceiling now off the table, market participants would shift their focus on the timing of the Fed’s tapering of the monthly purchases of bonds. The research team at BTMU keeps the neutral stance on the pair, adding, “Although a near-term negative uncertainty has been removed, which may help support USD/JPY, the political divisions have not been resolved… Hence, the upside potential for USD/JPY is limited as these ongoing uncertainties persist, QE tapering is delayed and US economic data becomes more mixed. But short-term relief should at least help keep USD/JPY stable for now”.
USD/JPY key levels
At the moment the pair is losing 0.89% at 97.90 with the next support at 97.78 (Tenkan Sen line) followed by 97.35 (low Oct.10) and 97.11 (low Oct.9). On the upside, a breakout of 99.01 (high Oct.17) would open the door to 99.14 (high Sep.26) ahead of 99,18 (high Sep.24).
USD/JPY supported around 98.00
Despite the sharp sell-off in the world’s reserve, the pair seems to have found decent support in the proximities of the key 98.00 handle. In the meantime, and with the debt-ceiling now off the table, market participants would shift their focus on the timing of the Fed’s tapering of the monthly purchases of bonds. The research team at BTMU keeps the neutral stance on the pair, adding, “Although a near-term negative uncertainty has been removed, which may help support USD/JPY, the political divisions have not been resolved… Hence, the upside potential for USD/JPY is limited as these ongoing uncertainties persist, QE tapering is delayed and US economic data becomes more mixed. But short-term relief should at least help keep USD/JPY stable for now”.
USD/JPY key levels
At the moment the pair is losing 0.89% at 97.90 with the next support at 97.78 (Tenkan Sen line) followed by 97.35 (low Oct.10) and 97.11 (low Oct.9). On the upside, a breakout of 99.01 (high Oct.17) would open the door to 99.14 (high Sep.26) ahead of 99,18 (high Sep.24).