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18 Apr 2013
Forex: USD/JPY bouncing off 97.80
FXstreet.com (Barcelona) - The Japanese yen continues to trade in a soft tone against the greenback on Thursday, pushing the cross to the vicinity of 98.15/20 against the backdrop of the G20 gathering and the IMF meeting over the weekend.
“A draft statement suggests members will reaffirm what was said at their last meeting; that policies directed at domestic activity are fine, but competitive currency devaluations are not. While the statement addresses recent Japanese policies in particular, Japan should remain unmentioned. Nevertheless, as we have already heard from many, Japan is being ‘closely monitored’, explained Strategists S.Osborne and G.Moore at TD Securities.
At the moment, the cross is up 0.04% at 98/17 facing the next resistance at 98.53 (high Apr.18) ahead of 98.65 (MA200h) and finally 98.71 (high Apr.15).
On the downside, a breach of 97.93 (MA100h) would open the door to 97.62 (low Apr.18) and finally 97.21 (low Apr.17).
“A draft statement suggests members will reaffirm what was said at their last meeting; that policies directed at domestic activity are fine, but competitive currency devaluations are not. While the statement addresses recent Japanese policies in particular, Japan should remain unmentioned. Nevertheless, as we have already heard from many, Japan is being ‘closely monitored’, explained Strategists S.Osborne and G.Moore at TD Securities.
At the moment, the cross is up 0.04% at 98/17 facing the next resistance at 98.53 (high Apr.18) ahead of 98.65 (MA200h) and finally 98.71 (high Apr.15).
On the downside, a breach of 97.93 (MA100h) would open the door to 97.62 (low Apr.18) and finally 97.21 (low Apr.17).