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18 Feb 2013
Forex: USD/JPY up on more Abe/BoJ saga
After the G20 meeting avoiding to criticize Japan's policies directly over the weekend, the USD/JPY rallied on Prime Minister Abe suggestion to the Parliament that he considers removing the BoJ’s independence should the central bank fail to achieve 2% inflation.
The upside found its high at 94.22 and eased back to 93.90/94.00 for some consolidation. As of writing, the market trades at 94.03 (+0.57% on the day).
"Overhead we have the 2010 high at 94.99 then the March 2009 spike low at 95.77. The TD resistance is 95.62", wrote Commerzbank analyst Karen Jones, pointing to supports at the 20 day ma at 92.16 and the 2 month up channel at 91.40, keeping the market immediately bid.
The upside found its high at 94.22 and eased back to 93.90/94.00 for some consolidation. As of writing, the market trades at 94.03 (+0.57% on the day).
"Overhead we have the 2010 high at 94.99 then the March 2009 spike low at 95.77. The TD resistance is 95.62", wrote Commerzbank analyst Karen Jones, pointing to supports at the 20 day ma at 92.16 and the 2 month up channel at 91.40, keeping the market immediately bid.