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27 May 2014
USD/JPY; staying long
FXStreet (Guatemala) - USD/JPY is trading at 101.93, up 0.00% on the day, having posted a daily high at 101.96 and low at 101.90.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. Meanwhile, and worth noting, BoJ's Kuroda has stepped up the charm offensive it seems to defend the USD/JPY near 100. RBS strategists explained that while he is increasing pressure on the Abe government to speed up reform, he is not linking BoJ policy to more government action and sees merit in achieving its inflation goal regardless of government policy. “We continue to see medium-term JPY weakness and view current levels as appropriate to hold long USD/JPY positions”.
USD/JPY Levels
With spot trading at 101.93, we can see next resistance ahead at 101.94 (Daily Open), 101.96 (Daily High), 101.97 (Weekly High), 102.07 (Yesterday's High) and 102.13 (Daily Classic R1). Support below can be found at 101.90 (Hourly 20 EMA), 101.90 (Daily Low), 101.87 (Daily 20 SMA), 101.86 (Daily Classic PP) and 101.84 (Yesterday's Low).
USD/JPY chart formations
Looking to candlestick patterns, we can see a Dark Cloud Cover and Hammer formation on the 1-hour chart.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. Meanwhile, and worth noting, BoJ's Kuroda has stepped up the charm offensive it seems to defend the USD/JPY near 100. RBS strategists explained that while he is increasing pressure on the Abe government to speed up reform, he is not linking BoJ policy to more government action and sees merit in achieving its inflation goal regardless of government policy. “We continue to see medium-term JPY weakness and view current levels as appropriate to hold long USD/JPY positions”.
USD/JPY Levels
With spot trading at 101.93, we can see next resistance ahead at 101.94 (Daily Open), 101.96 (Daily High), 101.97 (Weekly High), 102.07 (Yesterday's High) and 102.13 (Daily Classic R1). Support below can be found at 101.90 (Hourly 20 EMA), 101.90 (Daily Low), 101.87 (Daily 20 SMA), 101.86 (Daily Classic PP) and 101.84 (Yesterday's Low).
USD/JPY chart formations
Looking to candlestick patterns, we can see a Dark Cloud Cover and Hammer formation on the 1-hour chart.