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7 Mar 2013
Forex: USD/JPY slightly to the downside as no surprise from BoJ
Almost unnoticed, BoJ has released it latest monetary policy statement leaving almost everything unchanged. USD/JPY sells timidly below the 93.90 handle retracing from a double intraday high at around 94.12, printing fresh session lows at 93.85. Nikkei index moves slightly below the 12k points mark, still in the positive for the day higher by +0.46%.
“Upside risk remains toward the 2013 highs around 94.50 and the 2010 high near the 95.00 handle,” says CMT and FXstreet.com Independent Analyst Fan Yang, adding: “A break below 92 and a rising trendline is needed to start consideration of a bearish correction,” the analyst suggests. The pair is still higher by +0.27% for the week so far.
Immediate support to the downside for USD/JPY lies at previous session lows 93.80, followed by Monday's highs at 93.70, and Tuesday's highs at 93.50. To the upside, closest resistance shows at mentioned double weekly high at 94.12, followed by Feb 18 highs at 94.20, and Feb 11/24 multi-month highs at 94.45/50.
“Upside risk remains toward the 2013 highs around 94.50 and the 2010 high near the 95.00 handle,” says CMT and FXstreet.com Independent Analyst Fan Yang, adding: “A break below 92 and a rising trendline is needed to start consideration of a bearish correction,” the analyst suggests. The pair is still higher by +0.27% for the week so far.
Immediate support to the downside for USD/JPY lies at previous session lows 93.80, followed by Monday's highs at 93.70, and Tuesday's highs at 93.50. To the upside, closest resistance shows at mentioned double weekly high at 94.12, followed by Feb 18 highs at 94.20, and Feb 11/24 multi-month highs at 94.45/50.