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1 Jan 1970
USD/JPY consolidates above 102.00
FXStreet (Edinburgh) - The USD/JPY is navigating in the comfort zone between 102.40 and 102.20 on Friday, looking to consolidate the recent bull run post-FOMC gathering.
USD/JPY focus on Fedspeak
The pair has been enjoying some Fed-induced boost since Wednesday, after the Committee confirmed the pace of the QE tapering and forecasted the first interest rate hike in late 2015. With the trading week almost over, traders would pay close attention to the speeches by Fed’s Kocherlakota and Stein, later on in the European evening. “We maintain our forecast that USD/JPY can rise to the 107.00 area on a 6 mth horizon and would view any near-term pockets of yen strength this side of FY-end as selling opportunities”, commented Jane Foley, Senior Currency Strategist at Rabobank.
USD/JPY important levels
As of writing the pair is losing 0.15% at 102.22 with the next support at 101.30 (low Mar.19) ahead of 101.20 (low Mar.3) and then 101.00 (weekly Kijun Sen). On the flip side, a breakout of 102.55 (high Mar.20) would open the door to 102.69 (high Mar.19) and finally 102.86 (high Mar.13).
USD/JPY focus on Fedspeak
The pair has been enjoying some Fed-induced boost since Wednesday, after the Committee confirmed the pace of the QE tapering and forecasted the first interest rate hike in late 2015. With the trading week almost over, traders would pay close attention to the speeches by Fed’s Kocherlakota and Stein, later on in the European evening. “We maintain our forecast that USD/JPY can rise to the 107.00 area on a 6 mth horizon and would view any near-term pockets of yen strength this side of FY-end as selling opportunities”, commented Jane Foley, Senior Currency Strategist at Rabobank.
USD/JPY important levels
As of writing the pair is losing 0.15% at 102.22 with the next support at 101.30 (low Mar.19) ahead of 101.20 (low Mar.3) and then 101.00 (weekly Kijun Sen). On the flip side, a breakout of 102.55 (high Mar.20) would open the door to 102.69 (high Mar.19) and finally 102.86 (high Mar.13).