Technical analysis of USD/JPY for March 31, 2014

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Show full picture Overview: USD/JPY is expected to trade in a higher range. It is underpinned by the weaker yen sentiment ahead of Japan’s national sales tax increase to 8% from 5% on April 1; yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 1.44% to 14.41; S&P rose 0.46% Friday) as speculation mounts that policymakers in China would take stimulus steps to boost the economy after China’s Premier Li Keqiang said the country’s economic growth should be maintained at a “reasonable pace.” USD/JPY is also supported by the demand from Japan importers and investment trusts; loose monetary policy of the Bank of Japan and higher U.S. Treasury yields; positive dollar sentiment (ICE spot dollar index last 80.19 versus 80.13 early Friday…


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