Back
22 Mar 2013
Forex: USD/JPY finds support at 94.20
FXstreet.com (Barcelona) - The Japanese yen is now trimming initial gains against the greenback on Friday, as risk appetite continues to swell in the markets, pushing the cross to the vicinity of 94.80/85
Recall that the JPY found extra buying interest after the first press conference by BoJ’s H.Kuroda on Thursday, whose commentaries did not surprise investors despite emphasizing the need to reach the 2.0% inflation target as soon as possible. “Overall the comments were consistent with the BoJ shifting to a more aggressive monetary easing stance under the new leadership which was in line with current market expectations limiting their negative impact upon the yen in the near-term”, suggested Lee Hardman at BTMU.
At the moment, the cross is down 0.25% 94.80 with the immediate support at 94.20 (low Mar.22) ahead of 93.87 (5m rising channel base) and then 93.78 (Kijun-Sen line).
On the upside, a breakout of 95.14 (high Mar.22) would clear the way to 95.50 (MA200d) and then 96.11 (high Mar.21).
Recall that the JPY found extra buying interest after the first press conference by BoJ’s H.Kuroda on Thursday, whose commentaries did not surprise investors despite emphasizing the need to reach the 2.0% inflation target as soon as possible. “Overall the comments were consistent with the BoJ shifting to a more aggressive monetary easing stance under the new leadership which was in line with current market expectations limiting their negative impact upon the yen in the near-term”, suggested Lee Hardman at BTMU.
At the moment, the cross is down 0.25% 94.80 with the immediate support at 94.20 (low Mar.22) ahead of 93.87 (5m rising channel base) and then 93.78 (Kijun-Sen line).
On the upside, a breakout of 95.14 (high Mar.22) would clear the way to 95.50 (MA200d) and then 96.11 (high Mar.21).