The broken channel bottom has been marking resistance of late but the pair is still unwilling to give it up.
USD/JPY daily chart 02 06 2014
Just above is the 100 dma at 102.35 and then we have a prior resistance level at 102.69.
The move away from 100.75 has been strong but I see no real reason for a real sustained push to the upside. Abe’s announcement of an additional growth plan may have given the pair a temporary boost but until the big levels above or below break, we’re likely to continue treading water between them.
Until then we’re on bond and stock watch and at the moment US 10’s are trying to take back the 2.50% handle but coming up short at 2.4999%
