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11 Jun 2014
USD/JPY testing the 102.00 support
FXStreet (Edinburgh) - The greenback is rapidly depreciating against the Japanese yen on Wednesday, dragging the USD/JPY to challenge the 102.00 handle.
USD/JPY in multi-day lows
Spot keeps retracing the late May-early June upside to the area of 102.80 pari pasu with a rising selling interest around the US dollar stemming from lower US yields. Ahead in the week, US Retail Sales (Thursday) and the BoJ monetary policy gathering (Friday) will be the main events for the pair. Greg Gibbs, FX Trading Strategist at RBS, assessed, “There have been a number of articles discussing the Japanese government pension fund considering a shift in its allocation towards more domestic equities and foreign assets, and less Japanese bonds… Increasing speculation about this flow, potentially leading the way for the private pension industry with around $6tn in assets, may weaken sentiment for JPY”.
USD/JPY relevant levels
The pair is now retreating 0.27% at 102.07 with the immediate support at 101.80 (Kijun Sen) followed by 101.76 (low Jun.2) and finally 101.56 (200-d MA). On the upside, a breakout of 102.39 (high Jun.11) would target 102.60 (high Jun.10) en route to 102.65 (high Jun.9).
USD/JPY in multi-day lows
Spot keeps retracing the late May-early June upside to the area of 102.80 pari pasu with a rising selling interest around the US dollar stemming from lower US yields. Ahead in the week, US Retail Sales (Thursday) and the BoJ monetary policy gathering (Friday) will be the main events for the pair. Greg Gibbs, FX Trading Strategist at RBS, assessed, “There have been a number of articles discussing the Japanese government pension fund considering a shift in its allocation towards more domestic equities and foreign assets, and less Japanese bonds… Increasing speculation about this flow, potentially leading the way for the private pension industry with around $6tn in assets, may weaken sentiment for JPY”.
USD/JPY relevant levels
The pair is now retreating 0.27% at 102.07 with the immediate support at 101.80 (Kijun Sen) followed by 101.76 (low Jun.2) and finally 101.56 (200-d MA). On the upside, a breakout of 102.39 (high Jun.11) would target 102.60 (high Jun.10) en route to 102.65 (high Jun.9).