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20 Feb 2013
Forex: USD/JPY extending weekly losses
Despite the rise in equities ahead of expectations of a “stimulating” BoJ, the USD/JPY moved lower on Wednesday. Retracing late US session gains and dropping to lower levels in the week, coming as low as 93.14.
The market has been spending the week under consolidation in a tight range. Japan's All Industry Index rose +1.8% in December (MoM), beating +1.6% consensus.
UBS analysts are bullish: “Strong support at 92.17 prompted a recovery ad there is scope for extension of the bull trend”, wrote Gareth Berry, pointing to resistance at 94.46 ahead of 97.79.
The market has been spending the week under consolidation in a tight range. Japan's All Industry Index rose +1.8% in December (MoM), beating +1.6% consensus.
UBS analysts are bullish: “Strong support at 92.17 prompted a recovery ad there is scope for extension of the bull trend”, wrote Gareth Berry, pointing to resistance at 94.46 ahead of 97.79.