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22 Apr 2013
Forex: USD/JPY still locked below 100.00
FXstreet.com (Barcelona) - The USD/JPY remains locked below the 100.00 mark despite the green light given by the G20 to the BoJ monetary policy as the central bank has no intention of deliberately weaken the Yen. Several upside attempts were capped at 99.80/90 area, stalling there in spite of Japanese insurers discussing their divestment out of JGBs. The pair is currently trading at 99.70 area.
The BoJ will have its next monetary policy meeting on Friday, April 26, and it’s expected to stay unchanged. However, the central bank will update its forecasts to “help reinforce what impact they see their aggressive easing having on inflation”, wrote TD Securities.
“Although the uptrend from 95.75 is absolutely intact, due to the major resistance at 100.00 I favor a reversal below the mentioned area and a slide towards 98.40, en route to 97.25”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 99.33.
The BoJ will have its next monetary policy meeting on Friday, April 26, and it’s expected to stay unchanged. However, the central bank will update its forecasts to “help reinforce what impact they see their aggressive easing having on inflation”, wrote TD Securities.
“Although the uptrend from 95.75 is absolutely intact, due to the major resistance at 100.00 I favor a reversal below the mentioned area and a slide towards 98.40, en route to 97.25”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 99.33.