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2 Apr 2013
Forex: USD/JPY in session highs around 93.30/35
FXstreet.com (Barcelona) - The Japanese yen is resuming its defensive tone against the greenback on Tuesday, pushing the cross to fresh intraday highs in the proximity of 93.30/35
“Our 92 one month target is suddenly looking conservative, as price action hints at exhaustion. $/¥ failed to gain on media indications Kuroda will err on the aggressive side at the Wed-Thu BoJ meeting, not a good sign. A probe of the late Feb 91 handle now looks the main risk on the week”, assessed Sean Callow, Strategist at the Australian bank Westpac.
At the moment, the cross is up 0.04% at 93.27 and a surpass of 93.92 (Kijun-Sen line) would open the door to 94.27 (MA10d) and finally 94.33 (Tenkan-Sen line).
On the flip side, support levels align at 92.44 (low Mar.1) followed by 92.01 (low Feb.28) and then 91.14 (low Feb.27).
“Our 92 one month target is suddenly looking conservative, as price action hints at exhaustion. $/¥ failed to gain on media indications Kuroda will err on the aggressive side at the Wed-Thu BoJ meeting, not a good sign. A probe of the late Feb 91 handle now looks the main risk on the week”, assessed Sean Callow, Strategist at the Australian bank Westpac.
At the moment, the cross is up 0.04% at 93.27 and a surpass of 93.92 (Kijun-Sen line) would open the door to 94.27 (MA10d) and finally 94.33 (Tenkan-Sen line).
On the flip side, support levels align at 92.44 (low Mar.1) followed by 92.01 (low Feb.28) and then 91.14 (low Feb.27).