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17 Dec 2013
USD/JPY around 103.00 as Nikkei opens with gains
FXstreet.com (Córdoba) - The USD/JPY finished on Monday with a small decline of less than 30 pips and far from daily lows that were reached at 102.60 almost 24 hours ago and closed around 103.00.
The Talking-Forex.com Team pointed out: “The cross was sold as a result of the multi-year highs seen last week which presented market participants with a profit-taking opportunity. However, the turning point for USD/JPY was seen alongside the resurgence in European equities amid comments from Goldman Sachs that Goldman says first Fed tapering move is more likely in March with the taper next week is unlikely because the case for tapering mixed on basis of data since Oct.”
According to them there is a light economic calendar ahead for Japan, so “any taper talk or commentary heading into Wednesday’s taper decision could act as a guide for price action.”
Nikkei up, USD/JPY attempting to run above 103.00
Stock in Japan are rising in the initial hours of trade. At the moment of writing the Nikkei 225 was up 0.95% while the USD/JPY was trading around 103.00, moving with a minor upside bias, after finding support at 102.85 during the American session.
Immediate resistance could be located at 103.15 and above at 103.30 and 103.70 while support might lie at 102.85, 102.65 (Dec 16 low) and 102.20.
The Talking-Forex.com Team pointed out: “The cross was sold as a result of the multi-year highs seen last week which presented market participants with a profit-taking opportunity. However, the turning point for USD/JPY was seen alongside the resurgence in European equities amid comments from Goldman Sachs that Goldman says first Fed tapering move is more likely in March with the taper next week is unlikely because the case for tapering mixed on basis of data since Oct.”
According to them there is a light economic calendar ahead for Japan, so “any taper talk or commentary heading into Wednesday’s taper decision could act as a guide for price action.”
Nikkei up, USD/JPY attempting to run above 103.00
Stock in Japan are rising in the initial hours of trade. At the moment of writing the Nikkei 225 was up 0.95% while the USD/JPY was trading around 103.00, moving with a minor upside bias, after finding support at 102.85 during the American session.
Immediate resistance could be located at 103.15 and above at 103.30 and 103.70 while support might lie at 102.85, 102.65 (Dec 16 low) and 102.20.