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28 Mar 2014
USD/JPY slightly offered on mixed Japanese data
FXStreet (Guatemala) - USD/JPY is unchanged on the data releases so far. USD/JPY is trading between 102.26 the high and 102.14 the low.
Japans Inflation numbers were, overall, a positive input for the Bank of Japan, which aims to achieve an era of sustainable 2% inflation in the economy. Japans CPI ex food was unchanged at 1.3%. Japans jobless rate came pretty much as forecast 3.6% while Household spending was a miss -2.5% vs +1.1% prior which is not good for inflation target.
GBP/JPY—Risk, Fiscal Year-end, Taxes
The general consensus in markets is for a weaker Yen with the looming tax hike on April 1st and the BoJ’s need to possibly act on rates. Strategists at TD Securities explained there are implications of the Japanese fiscal year-end. “The March 31 fiscal year-end and the first stage of a two-step rise in the sales tax (from 5% to 8%) that will be implemented on April 1. The fiscal year-end usually conjures up thoughts of repatriation flows boosting the JPY”…however they added… the impact of repatriation flows on the currency looks to be marginal at best”.
USD/JPY Levels
The 20 DMA is 102.25, the 50 DMA is 102.46 and the 200 DMA is 100.53. RSI (14) reads 52.16. Supports are 101.27, 101.49, 101.67 and 101.83. Spot is 102.15 while resistances are 102.26, 102.49,102.69 and 102.86.
Japans Inflation numbers were, overall, a positive input for the Bank of Japan, which aims to achieve an era of sustainable 2% inflation in the economy. Japans CPI ex food was unchanged at 1.3%. Japans jobless rate came pretty much as forecast 3.6% while Household spending was a miss -2.5% vs +1.1% prior which is not good for inflation target.
GBP/JPY—Risk, Fiscal Year-end, Taxes
The general consensus in markets is for a weaker Yen with the looming tax hike on April 1st and the BoJ’s need to possibly act on rates. Strategists at TD Securities explained there are implications of the Japanese fiscal year-end. “The March 31 fiscal year-end and the first stage of a two-step rise in the sales tax (from 5% to 8%) that will be implemented on April 1. The fiscal year-end usually conjures up thoughts of repatriation flows boosting the JPY”…however they added… the impact of repatriation flows on the currency looks to be marginal at best”.
USD/JPY Levels
The 20 DMA is 102.25, the 50 DMA is 102.46 and the 200 DMA is 100.53. RSI (14) reads 52.16. Supports are 101.27, 101.49, 101.67 and 101.83. Spot is 102.15 while resistances are 102.26, 102.49,102.69 and 102.86.