Intra-Day Market Moving New and Views
15 Sep 2014
USD/JPY - ....... Although the greenback staged a rebound after initial gap-down open to 107.16 in NZ, renewed broad-based buying in yen due to fall in the Nikkei futures capped gain just below last Fri's fresh 6-year peak at 107.40 shortly after Asian open n price retreated fm 107.36 to 107.19 before recovering.
As today is Japan's 'Respect of the aged day holiday, market is expected to be quiet in Asia session n range trading below 107.40 should continue until European open.
Offers are noted at 107.30-40 and then around 107.50 with stops emerging just abv 107.70. On the downside, bids are placed at 107.10-00 and then 106.85/80 with stops located below 106.60.
Looking ahead, investors' focus this week will be on the outcome of Wed's Fed policy meeting n the following press conference hold by Fed Chair Janet Yellen.
Market is expecting the Fed to cut its asset purchase program by another $10 bln which would keep it on track for winding up the program in Oct, and to start raising interest rates sometime in mid-2015.
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