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19 Feb 2013
Forex: USD/JPY down as investors price in Japan leaders' comments
Lack of a shared opinion in the government on how to approach monetary policy is taking its effect on the Japanese Yen, as it strengthens after Japan's Finance Minister Aso being against foreign bond purchases, unlike PM Abe.
The USD/JPY was trading sideways just below the 94.00 mark before entering in this weaker behavior. The first drop found its low at 93.57 and regained most of its price, but only temporarily. As of writing, European flows are sending the pair lower, to as low as 93.43.
UBS analysts are bullish: "Trend conditions persist. Resistance is at 94.46, a break above would open 97.79", wrote analyst Gareth Berry, pointing to strong support at 92.17.
The USD/JPY was trading sideways just below the 94.00 mark before entering in this weaker behavior. The first drop found its low at 93.57 and regained most of its price, but only temporarily. As of writing, European flows are sending the pair lower, to as low as 93.43.
UBS analysts are bullish: "Trend conditions persist. Resistance is at 94.46, a break above would open 97.79", wrote analyst Gareth Berry, pointing to strong support at 92.17.