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12 Apr 2013
Forex: USD/JPY hovering over 99.00
FXstreet.com (Barcelona) - The Japanese yen is extending its intraday appreciation against its American counterpart on Friday, gaining ground since yesterday’s tops just pips away from the triple-digit resistance and favoured by the prevailing risk-off mode in the markets.
“After over a decade of Zero Interest Rate Policy (ZIRP) in Japan, the Japanese investor has become the largest net-creditor to the rest of the world… We expect yield differentials to continue driving the US Dollar, Euro, Australian Dollar, and other major currencies to fresh peaks against the downtrodden Yen. The short-term correlation between the Japanese Yen and JGB yields trades at its highest in a decade”, assessed David Rodriguez, Quantitative Strategist at DailyFX.
USD/JPY is now losing 0.71% at 98.97 and a violation of 98.58 (low Apr.9) would bring 98.40 (low Apr.8) and then 95.75 (low Apr.5).
On the upside, a break above 99.80 (high Apr.12) would target 99.95 (2013 high Apr.11) en route to the psychological level at 100.00
“After over a decade of Zero Interest Rate Policy (ZIRP) in Japan, the Japanese investor has become the largest net-creditor to the rest of the world… We expect yield differentials to continue driving the US Dollar, Euro, Australian Dollar, and other major currencies to fresh peaks against the downtrodden Yen. The short-term correlation between the Japanese Yen and JGB yields trades at its highest in a decade”, assessed David Rodriguez, Quantitative Strategist at DailyFX.
USD/JPY is now losing 0.71% at 98.97 and a violation of 98.58 (low Apr.9) would bring 98.40 (low Apr.8) and then 95.75 (low Apr.5).
On the upside, a break above 99.80 (high Apr.12) would target 99.95 (2013 high Apr.11) en route to the psychological level at 100.00