JPY Trading Outlook (27-03-2014)

USD/JPY: USD/JPY and EUR/JPY were in a tight range sleeping mode at the start until large 10ET expires (4billion between 102/40) and the S&Ps/Nikkei ran into a spot of bother after the 5-years Tsy auction resulted in a decent drop in yield. EUR/JPY dropped below this week’s lows to the 55-DMA and 61.8% support in the 140.67-70 range, but a close below those supports is yet to be confirmed. Further action could be seen as we are close to end of the month. For now, market awaits for Nikkei open.

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