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17 Dec 2013
USD/JPY approaching 103; locked down wills?
FXstreet.com (Chicago) - USD/JPY gets close to the 103 zone with a soft increase of price ahead of the Fed’s decision and shortly after the release of US data.
Little data releases reactions
The CPI suite in the US disappointed with the CPI (YoY) at 1.2% vs. expected 1.3% and CPI ex food and energy at 1.7% with matched expectations. Little action took place following the publication of data.
USD/JPY Technical Levels
Price action reveals a slight bent down after the release of US data revealing a short-lived price decrease. With choppy trading within the past few days, market participants remain expectant of tomorrow’s decision by the Fed and stay cautious, without creating much price variation. Offered at 102.97, the pair navigates between the supports aligned at 102.60 (November 30th highs), 102.13 (December 10th lows) ahead of 101.60 (December 4th lows) and the resistances set at 103.37 (November 29th highs), 103.61 (May 20th highs) followed by 103.91 (December 13th highs). With a neutral EMA20 and a report indicating the pair is slightly bearish on one-hour timeframe analysis, flat waves are expected.
Little data releases reactions
The CPI suite in the US disappointed with the CPI (YoY) at 1.2% vs. expected 1.3% and CPI ex food and energy at 1.7% with matched expectations. Little action took place following the publication of data.
USD/JPY Technical Levels
Price action reveals a slight bent down after the release of US data revealing a short-lived price decrease. With choppy trading within the past few days, market participants remain expectant of tomorrow’s decision by the Fed and stay cautious, without creating much price variation. Offered at 102.97, the pair navigates between the supports aligned at 102.60 (November 30th highs), 102.13 (December 10th lows) ahead of 101.60 (December 4th lows) and the resistances set at 103.37 (November 29th highs), 103.61 (May 20th highs) followed by 103.91 (December 13th highs). With a neutral EMA20 and a report indicating the pair is slightly bearish on one-hour timeframe analysis, flat waves are expected.