Forex: USD/JPY higher after Japan's Aso
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USD/JPY
FXstreet.com (Barcelona) - Having reached its high at 85.87 during the Asian shift, European flows pulled the pair into a plunge to 85.59 before the pair retraced it all back to quote around 85.80 levels. The USDJPY rally has entered pre-BoJ intervention prices (Sept 15, 2010).
The newly appointed government officials in Japan have been making speeches. Japan's finance minister Aso warned that BoJ monetary easing can only work if the private sector has demand for funds.
"USDJPY has risen above its strong resistance at 85.53 (06/04/2011 high) and is challenging the resistance at 85.93", wrote MIG Bank analyst Bijoy Kar, favoring a phase of weakness and pointing to supports at 84.60 (25/12/2012 low) and 83.86 (20/12/2012 low).
The newly appointed government officials in Japan have been making speeches. Japan's finance minister Aso warned that BoJ monetary easing can only work if the private sector has demand for funds.
"USDJPY has risen above its strong resistance at 85.53 (06/04/2011 high) and is challenging the resistance at 85.93", wrote MIG Bank analyst Bijoy Kar, favoring a phase of weakness and pointing to supports at 84.60 (25/12/2012 low) and 83.86 (20/12/2012 low).
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