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2 May 2013
Forex: USD/JPY slips to session lows post-BoJ minutes
FXstreet.com (Barcelona) - With Nikkei index opening in Tokyo below the 13800 points down -0.46% and recently released latest BoJ meeting minutes, USD/JPY slips to fresh session lows at 97.10, retracing from NY session highs, capped at 97.50. The minutes showed the BoJ agreed on sings the economy is peaking up, and maintained compromise on current easing in monetary policy.
The pair is -0.98% down for the week so far, finding strong support at the 97 round bid line, where China is “reportedly protecting a dnt option structure,” FXWW founder Sean Lee informed, adding: “Vital support is at the potential neckline which is at 95.80, where the bullish trend-line and 55-day SMA also currently sit.” Japan will be closed again tomorrow for holiday.
Immediate support to the downside for USD/JPY lies at recent session/Tuesday's lows 97.00/07, followed by April 05 NY session lows at 96.83, and April 16 lows at 96.56. To the upside, closest resistance shows at current levels as April 17 lows 97.21, followed by Monday's lows at 97.34, and NY session highs at 97.52.
The pair is -0.98% down for the week so far, finding strong support at the 97 round bid line, where China is “reportedly protecting a dnt option structure,” FXWW founder Sean Lee informed, adding: “Vital support is at the potential neckline which is at 95.80, where the bullish trend-line and 55-day SMA also currently sit.” Japan will be closed again tomorrow for holiday.
Immediate support to the downside for USD/JPY lies at recent session/Tuesday's lows 97.00/07, followed by April 05 NY session lows at 96.83, and April 16 lows at 96.56. To the upside, closest resistance shows at current levels as April 17 lows 97.21, followed by Monday's lows at 97.34, and NY session highs at 97.52.