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19 Apr 2013
CORRECTION: Forex: USD/JPY surges ahead to 99.23/24
FXstreet.com (Barcelona) - The USD/JPY has risen again sharply Friday, as the G20 meeting goes on today. With the JPY in full retreat across the board, the cross has settled at 99.12/18, slightly off its session highs of 99.36 in recent minutes. At this juncture the pair is operating at +1.03% above its opening.
According to Research Analyst Gareth Berry at UBS, “In terms of the USD/JPY, the intraday indicators suggest a bullish trend, as there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 97.22 and 95.80.”
“We didn’t witness a sustained breakout above yesterday’s detected strong resistance at 98.65 despite the positivity appearing on technical indicators. This positivity may damage the classical structure-rising wedge- and thereby, we prefer to be neutral today for the USD/JPY.” notes the ICN.com analyst team.
Markets will be watching to see if Japan comes under fire as they continue to flaunt their taste for controversial policies that have led to a rapid devaluation of their currency. The USD/JPY is already on the bounce this morning, moving just through the 99.00 level, as the market awaits for the inevitable break above 100.00.
According to Research Analyst Gareth Berry at UBS, “In terms of the USD/JPY, the intraday indicators suggest a bullish trend, as there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 97.22 and 95.80.”
“We didn’t witness a sustained breakout above yesterday’s detected strong resistance at 98.65 despite the positivity appearing on technical indicators. This positivity may damage the classical structure-rising wedge- and thereby, we prefer to be neutral today for the USD/JPY.” notes the ICN.com analyst team.
Markets will be watching to see if Japan comes under fire as they continue to flaunt their taste for controversial policies that have led to a rapid devaluation of their currency. The USD/JPY is already on the bounce this morning, moving just through the 99.00 level, as the market awaits for the inevitable break above 100.00.