USD/JPY is likely to remain rangebound in Asia today as the market hunkers down for a slew of economic data out of the US and possible indications of near-term Fed policy following the end of the two-day FOMC meeting tonight. Recent data out of the US has been bullish, and Fed officials could very well take this into account in future policy decisions.
No change is expected in the Fed funds rate tonight. USD/JPY still looks to be well supported in the 121.40-50 area, 121.47 the extent of the downside overnight. Asia saw a low of 121.56 yesterday. More support is seen at 121.20-30 and then on towards 121.00.
Topside resistance, as was the case yesterday, is seen from 122.00 and trailing up to 122.50. Option barriers are presumed at 122.25 and 122.50. Stops are seen mixed in, especially above 122.20, the high Monday, and 122.25. USD/JPY currently trades 121.65/68.
No comments:
Post a Comment