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6 Mar 2013
Forex: USD/JPY pressing against 93.00
While still on a period of consolidation above 93.00, volatility in the USD/JPY is starting to increase, with impulsive rejections off 93.50 the norm in the last 24 hours of trading. Current price is again heading to test buyers patience towards the 93.00 level, after a second rotation away from 93.50 in the last NA session.
According to Valeria Bednarik, chief analyst at FXstreet.com: "The upside still looks tough as there is not much buying interest around. The hourly chart shows indicators flat in positive territory, although 100 SMA crossed downside up 200 one, which points for further gains toward 93.80 key resistance level. While risk appetite will likely prevent the pair from sliding beyond the 92.80 support area, gains are also seen limited by 94.00/10 price zone, where sellers align now."
On the fundamental front, the Japanese government confirmed that the country's upper house will be holding the hearing for the BOJ chief candidate Mr. Kuroda in March 11, while Mr. Iwata and Mr. Nakaso's hearings are scheduled for a day later on March 12.
According to Valeria Bednarik, chief analyst at FXstreet.com: "The upside still looks tough as there is not much buying interest around. The hourly chart shows indicators flat in positive territory, although 100 SMA crossed downside up 200 one, which points for further gains toward 93.80 key resistance level. While risk appetite will likely prevent the pair from sliding beyond the 92.80 support area, gains are also seen limited by 94.00/10 price zone, where sellers align now."
On the fundamental front, the Japanese government confirmed that the country's upper house will be holding the hearing for the BOJ chief candidate Mr. Kuroda in March 11, while Mr. Iwata and Mr. Nakaso's hearings are scheduled for a day later on March 12.