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Dollar/yen near term resistance 103.73, heavier resistance at 105.16

Posted by WorldWideMarkets . on May 29, 2013 2:49:00 AM
dollar yen key trading resistancedescribe the imageNear term resistance at 103.73 yen, the May 22 peak for dollar/yen, a 4/12 year high. Then comes the 105.16 yen target from October 2008. The 105 level is key as Japan corporates reported to have used that level in budgetary calculations. There may be day-to-day gyrations in currency trading but 100.68 is the near term downside. Concensus is still for more upside on the dollar/yen given the expectations of tapering off of QE from the Fed and more easing, JGB purchases, from the BOJ. USDJPY trading neutrally in terms of 14-day exponential relative strength index and the 20 day simple bollinger band but above the 200-, 100-, 50-day simple moving averages and has been so for several weeks.

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