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21 Jun 2013
USD/JPY consolidating gains around 97.00
FXstreet.com (Barcelona) - The USD/JPY finished higher for a 4th day in a row, climbing an additional 103 pips to close at 97.31.
BoJ officials on the tape in early Asia trade
Eamonn Sheridan of Forex Live pointed out a few comments from BoJ officials which were crossing the wires during early Asia trade. “Japan’s economy minister Amari says the government is to discuss whether to lower the corporate tax rate,” added Sheriden. The statement helped the USD/JPY inch higher off earlier lows set near 96.85 by about 30 pips with the pair now changing hands at 97.17.
Short term technical set up provides bearish tilt
Val Bednarik, Chief Analysts at FXstreet.com shared some thoughts regarding the most recent technical developments on the short term time frame charts. “The USD/JPY shed a good share of its daily gains, trading back below 97.50 Fibonacci level, and with the hourly indicators gaining a strong bearish tone right above their midlines. In the mentioned time frame, moving averages remain below current price, with 200 SMA now around 95.80, also strong static support level.”
BoJ officials on the tape in early Asia trade
Eamonn Sheridan of Forex Live pointed out a few comments from BoJ officials which were crossing the wires during early Asia trade. “Japan’s economy minister Amari says the government is to discuss whether to lower the corporate tax rate,” added Sheriden. The statement helped the USD/JPY inch higher off earlier lows set near 96.85 by about 30 pips with the pair now changing hands at 97.17.
Short term technical set up provides bearish tilt
Val Bednarik, Chief Analysts at FXstreet.com shared some thoughts regarding the most recent technical developments on the short term time frame charts. “The USD/JPY shed a good share of its daily gains, trading back below 97.50 Fibonacci level, and with the hourly indicators gaining a strong bearish tone right above their midlines. In the mentioned time frame, moving averages remain below current price, with 200 SMA now around 95.80, also strong static support level.”