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1 Apr 2013
Forex: USD/JPY finds support at 93.20/25
FXstreet.com (Barcelona) - The better momentum of the Japanese yen against the greenback dragged the cross to session lows around 93.20/25 overnight, easing some ground later to the current area of 93.50/55
The JPY also found extra support after the Tankan indicators during the first quarter bettered previous prints, albeit missing expectations.
Traders would shift their focus on the next BoJ meeting due on 3-4 April, where Governor Kuroda would announce further easing measures in order to spark inflation expectations.
As of writing, the cross is losing 0.78% at 93.54 and a drop beyond 92.91 (low Mar.5) would open the door to 90.86 (low Feb.25).
On the upside, a break above 94.43 (MA100h) would bring 94.80 (Tenkan line) and finally 94.60 (MA200h).
The JPY also found extra support after the Tankan indicators during the first quarter bettered previous prints, albeit missing expectations.
Traders would shift their focus on the next BoJ meeting due on 3-4 April, where Governor Kuroda would announce further easing measures in order to spark inflation expectations.
As of writing, the cross is losing 0.78% at 93.54 and a drop beyond 92.91 (low Mar.5) would open the door to 90.86 (low Feb.25).
On the upside, a break above 94.43 (MA100h) would bring 94.80 (Tenkan line) and finally 94.60 (MA200h).