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20 Mar 2013
Forex: USD/JPY hovering over highs around 95.40
FXstreet.com (Barcelona) - The Japanese yen is losing ground against its American counterpart on Wednesday, as the risk-on mode is prevailing in the markets so far. Weakness in the yen is now pushing the cross to fresh intraday highs in the vicinity of 95.50
After his first day commanding the BoJ, H.Kuroda made no announcements ahead of today’s FOMC meeting. “As a result the next BoJ monetary policy meeting scheduled for the 4th April is expected to mark a significant shift to more aggressive BoJ easing which has been weighing upon the yen since the end of last year”, suggested Currency Analyst Lee Hardman at BTMU.
As of writing, the cross is up 0.25% at 93.38
The next resistance levels line up at 95.75 (high Mar.19) ahead of 96.28 (high Mar.12) and then 96.57 (Upper Bollinger).
On the downside, a dip beyond 94.71 (low Mar.20) would accelerate losses to 93.38 (4m rising channel base) and finally 93.45 (low Mar.18).
After his first day commanding the BoJ, H.Kuroda made no announcements ahead of today’s FOMC meeting. “As a result the next BoJ monetary policy meeting scheduled for the 4th April is expected to mark a significant shift to more aggressive BoJ easing which has been weighing upon the yen since the end of last year”, suggested Currency Analyst Lee Hardman at BTMU.
As of writing, the cross is up 0.25% at 93.38
The next resistance levels line up at 95.75 (high Mar.19) ahead of 96.28 (high Mar.12) and then 96.57 (Upper Bollinger).
On the downside, a dip beyond 94.71 (low Mar.20) would accelerate losses to 93.38 (4m rising channel base) and finally 93.45 (low Mar.18).