Back
5 Apr 2013
Forex: USD/JPY above 96 ahead of Kuroda
FXstreet.com (Barcelona) - Last at 96.37, USD/JPY is trading near session highs, and highest since past March 14, following yesterday's implosion in Yen post-BoJ. As BK Asset Management managing director Kathy Lien explains: “The BoJ expanded its JGB purchases to 40 year bonds which means that all JGB maturities are eligible for purchase,” adding: “They also increased their target purchases to an annual pace of JPY60-70 trillion, translating to about Y7 trillion a month, up from a prior level of Y3.7 trillion.”
The pair is up +2.31% for the week so far, ahead of BoJ Kuroda speech at 01:00 GMT, and later on key US NFP at 12:30 GMT. The Yen has been the weakest currency among majors in last 2 trading days by far, with US 10 year note yields reaching fresh 2013 lows around the 1.76% level from its 2.08% peak back in March 08. Nikkei index closed yesterday at +2.2% around the 12600 points, jumping from -1.5% around the 12150 lows, with futures pointing even higher for today, while Chinese markets will keep closed for holiday.
Immediate resistance to the upside for USD/JPY shows at recent session highs 96.42, followed by March 14 highs at 96.63, and March 12 3.5-year highs at 96.71. To the downside, closest support lies at March 21 highs 96.13, followed by March 19 highs at 95.74, and March 27 highs at 94.90.
The pair is up +2.31% for the week so far, ahead of BoJ Kuroda speech at 01:00 GMT, and later on key US NFP at 12:30 GMT. The Yen has been the weakest currency among majors in last 2 trading days by far, with US 10 year note yields reaching fresh 2013 lows around the 1.76% level from its 2.08% peak back in March 08. Nikkei index closed yesterday at +2.2% around the 12600 points, jumping from -1.5% around the 12150 lows, with futures pointing even higher for today, while Chinese markets will keep closed for holiday.
Immediate resistance to the upside for USD/JPY shows at recent session highs 96.42, followed by March 14 highs at 96.63, and March 12 3.5-year highs at 96.71. To the downside, closest support lies at March 21 highs 96.13, followed by March 19 highs at 95.74, and March 27 highs at 94.90.