After breaking back into the 2014 range and gaining a footing above the 55 and 100 dma the pair is looking fairly well bid. 102.45/50 is the current resistance level to beat and above there we have the stronger 102.65/70 level.
USD/JPY daily chart 03 06 2014
The 55 dma is at 102.19 with the channel bottom now at 102.13 and these will be the first lines of support. Once again, until we get a decent break out we’re stuck in the range.
The ISM farce eventually led to some further dollar positivity with both bond yields and stocks benefiting also. They are actually releasing the New York index today so let’s hope they get it right in less than three goes this time. April factory orders are the only biggish number on the US calendar later and besides the headline number we will also be getting the durable goods revisions. For the orders the market is expecting a slight dip to 0.5% from 0.9% in March.
Just having a quick peak at the yen crosses and GBP/JPY is still bumping its head against the Jan resistance line.
GBP/JPY daily chart 03 06 2014
EUR/JPY is holding the 200 dma below at 138.25 and there looks to be a decent resistance area ahead of the Jan downtrend by way of old support and the 55 & 100 dm’a around 140.50/70.
EUR/JPY daily chart 03 06 2014
