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3 Mar 2014
Flash: Undefined USD/JPY outlook - BBH
FXStreet (Bali) - The technical outlook for USD/JPY is not that clear, notes Marc Chandler, Head of Currency Strategy at BBH.
Key Quotes
"The uptrend off the early February lows was violated in the second half of last week. The dollar recorded lower highs and lower lows every day last week, yet there is not much momentum. Three-month implied volatility looks set to test last year's lows set in October near 8.5%. after starting the February above 10%."
"The RSI is flat and MACDs may cross lower, but from well below zero. The 100-day moving average, which the dollar has closed below once since mid-Nov 2013 comes in near JPY101.85 now, and is still rising about 20 ticks a week. The JPY102.45 marks nearby resistance, but the JPY102.70-80 capped efforts to rally in February remains the key hurdle to stronger dollar recovery."
Key Quotes
"The uptrend off the early February lows was violated in the second half of last week. The dollar recorded lower highs and lower lows every day last week, yet there is not much momentum. Three-month implied volatility looks set to test last year's lows set in October near 8.5%. after starting the February above 10%."
"The RSI is flat and MACDs may cross lower, but from well below zero. The 100-day moving average, which the dollar has closed below once since mid-Nov 2013 comes in near JPY101.85 now, and is still rising about 20 ticks a week. The JPY102.45 marks nearby resistance, but the JPY102.70-80 capped efforts to rally in February remains the key hurdle to stronger dollar recovery."