Forex: USD/JPY capped at 89.68 high in early trading
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Just as the week started, the USDJPY performed a 50-pip rally to 89.68 high, allowing profit taking there for a test of the 50% Fibonacci retracement down to 89.40 low. Japan was closed for Coming-of-Age Day, but investors keep getting ahead of Prime Minister Abe's stimulus actions on the FX market.
There's a particular "risk on" activity today in reaction to comments byChina's financial regulatory authority head, as he said that the country may soon relax restrictions on foreign equities investment. More on monetary policy may be seen today at 19:30 GMT, as ECB Chief Economist Praet speaks, and at 21:00 GMT, as Fed's Bernanke steps up the podium tonight.
The USDJPY is currently trading at 89.55. "Our target remains 93.32 - the measurement higher of the triangle. We have an accelerated 2 month uptrend at 85.69 today and while above here we will assume that the market remains immediately bid", wrote Commerzbank analyst Karen Jones.
There's a particular "risk on" activity today in reaction to comments byChina's financial regulatory authority head, as he said that the country may soon relax restrictions on foreign equities investment. More on monetary policy may be seen today at 19:30 GMT, as ECB Chief Economist Praet speaks, and at 21:00 GMT, as Fed's Bernanke steps up the podium tonight.
The USDJPY is currently trading at 89.55. "Our target remains 93.32 - the measurement higher of the triangle. We have an accelerated 2 month uptrend at 85.69 today and while above here we will assume that the market remains immediately bid", wrote Commerzbank analyst Karen Jones.
Free Annual Reports
