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USD/JPY steady above 1hr 200 SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - USD/JPY is steady while Japan are out on Sports holiday and Asian equity markets open mixed.

    USD/JPY is about what the Fed is prepared to do this year while the market leaves half an eye open on the BoJ at the same time. The rate has been fluctuating a familiar ranges while we decipher the continued stream of data flows from both Japan and the US economy, leaving the market with mixed signals.

    The BoJ left policy on hold and with the same beat of the drum gave us a run down of their outlook last week. However, the end of this month offers us another run down from the BoJ and offers the Central Bank another opportunity to decide on their policy with some analysts speculating that the BoJ may need to add further easing measure to spur growth in the economy.

    With respect to the Fed, we still have not been delivered any clear signals from the FOMC meetings that the Fed are any closer to raising rates. With the September Nonfarm Payrolls miss, it is unlikely that the Fed will start the process of normalizing rates this year, but still cannot be ruled out, keeping markets alert and USD/JPY at the mercy of expectations of timings risk appetite.

    USD/JPY within familiar ranges

    USD/JPY remains with the same key support and resistance at 118.30th March low and 120.88 200 DMA with MA's clustering around spot that trades above the 200 SMA at 120.03 today on the hourly charts.
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