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2 Apr 2014
USD/JPY steady around 103.65, ahead of Tokyo's opening
FXStreet (Córdoba) - The US dollar posted on Tuesday the highest daily close since January 22 against the Yen and remains near the highs early in Asia. Price continues to move inside a small range between 103.70 and 103.60.
A decline of Japanese currency across the board has been favoring the upside in the USD/JPY. Coming economic data from the US could have a large impact on the pair. On Wednesday, traders will see the ADP private employment numbers and the factory orders report and on Friday, Nonfarm Payrolls.
Orders and levels for the USD/JPY
Jamie Coleman, from FXBeat points out that the 103.65 level, that the USD/JPY recently surpassed, was the 61.8% Fibonacci retracement of the decline from 105.45 to 100.75. “Next hurdle is at 103.75, the high from last payrolls Friday on March 7. A barrier is rumored to be struck at that level as well. Small stops are eyed above. 104.00 barriers are rumored in addition to the 103.75s”, said Coleman.
A decline of Japanese currency across the board has been favoring the upside in the USD/JPY. Coming economic data from the US could have a large impact on the pair. On Wednesday, traders will see the ADP private employment numbers and the factory orders report and on Friday, Nonfarm Payrolls.
Orders and levels for the USD/JPY
Jamie Coleman, from FXBeat points out that the 103.65 level, that the USD/JPY recently surpassed, was the 61.8% Fibonacci retracement of the decline from 105.45 to 100.75. “Next hurdle is at 103.75, the high from last payrolls Friday on March 7. A barrier is rumored to be struck at that level as well. Small stops are eyed above. 104.00 barriers are rumored in addition to the 103.75s”, said Coleman.