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USD/JPY Outlook Turning Increasingly Bearish Amid Less-Dovish BoJ

USD/JPY Outlook Turning Increasingly Bearish Amid Less-Dovish BoJ

David Song, Strategist

Talking Points:

- USDOLLAR Eyes May Opening Range Ahead of FOMC Minutes

- USD/JPY Dips Below 101.00 as BoJ Continues to Soften Dovish Tone

- Bearish EUR/AUD Setup in Focus; Lower High in Place?

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is working its way towards the May high (10,495) ahead of the Federal Open Market Committee (FOMC) Minutes, but the policy outlook may continue to undermine the appeal of the reserve currency should the central bank show a greater willingness to carry its highly accommodative policy stance into the second-half of 2014.





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






The dollar may struggle to retain the advance from earlier this week should the policy statement continue to dampen interest rate expectations, and it seems as though we will get more of the same from the central bank as Fed Chair Janet Yellen continues to see subdued inflation in the world’s largest economy.

Nevertheless, another close above the 10,470 pivot may generate a larger rebound going into the last full-week of May, but the lack of momentum to break above the monthly opening range may limit the scope for a major reversal in the USDOLLAR as it appears to be carving another lower-high going into June.

USD/JPY Outlook Turning Increasingly Bearish Amid Less-Dovish BoJ

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Read More:

Price & Time: Gold Gearing Up For A Powerful Move

USD/JPY Tests Yearly Low as BoJ Refrains - On Cusp of Major Yen Rally?


USD/JPY Outlook Turning Increasingly Bearish Amid Less-Dovish BoJ

Chart - Created Using FXCM Marketscope 2.0

  • Monthly Opening Range in Focus Following Close Above 10,470
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)





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--- Written by David Song, Currency Analyst

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