Forex: USD/JPY falls to 89.24/27
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY has continued its decline into American trading Monday, as the pair has now entered negative territory. After trading as high as 89.70 (daily maximum) during the overnight session, the cross has now settled at 89.24/27, whilst suffering from a decline of -0.07% in these moments.
According to Dafni Sedari, an analyst at Intertrader.com, "With such a strong momentum it looks like there is only one direction for the USDJPY to move at the moment and this is upwards. If one also factors in that the Japanese Prime Minister pushes the BoJ to adopt a 2.0% target for inflation, the JPY is likely to lose further ground."
According to Gareth Berry, a Research Analyst at UBS, the USDJPY is bullish as the pair continues to extend its strength. The next resistance lies at 90.00 ahead of 91.14 whereas support lies at 88.68 ahead of 87.86.
Later today in terms of noteworthy news, investors will be keyed in to Fed Chairman Ben Bernanke's speech at 19:00 GMT.
According to Dafni Sedari, an analyst at Intertrader.com, "With such a strong momentum it looks like there is only one direction for the USDJPY to move at the moment and this is upwards. If one also factors in that the Japanese Prime Minister pushes the BoJ to adopt a 2.0% target for inflation, the JPY is likely to lose further ground."
According to Gareth Berry, a Research Analyst at UBS, the USDJPY is bullish as the pair continues to extend its strength. The next resistance lies at 90.00 ahead of 91.14 whereas support lies at 88.68 ahead of 87.86.
Later today in terms of noteworthy news, investors will be keyed in to Fed Chairman Ben Bernanke's speech at 19:00 GMT.
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