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Forex pairs in this Article » USD/JPY (London) - USD/JPY is piercing the 95.00 mark, although down from yesterdays heights and printing fresh lows around 93.80 mark.

USD/JPY remained under pressure

Lee Hardman Currency Analyst for The Bank of Tokyo-Mitsubishi UFJ, Ltd said that the yen strengthened following the release overnight of the BoJ monetary policy minutes from the 21st to 22nd May meeting which revealed that one member, most likelyTakahide Kiuchi, raised some concern that the BoJ’s communication strategy may actually be increasing JGB volatility

USD/JPY rallies expected to fail

Analyst teams at Commerzbank explained that the USD/JPY remained under pressure and neared the 93.78 38.2% Fibonacci retracement of the 2012-13 rise and then possibly the 50% retracement at 90.43. They do not expect to see near term rallies but were these to be seen they said that they should fail ahead of the short term downtrend at 98.23, to leave risks back on the downside. “Only an unexpected rise above the resistance line at 98.23 would neutralise our outlook and imply another test of the 103.74 May high.”
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