Back
18 Apr 2013
Forex: USD/JPY around 98.00 ahead of G20
FXstreet.com (Barcelona) - The USD/JPY peaked at 98.36 high from 97.64 low during the Asian session. Profit taking pulled the pair to 97.80/85, but the market remains attached to the 98.00 ground. Investors will be eyeing the G20 meeting that will be focusing on the aggressive monetary easing by the Bank of Japan.
The economic calendar showed rising exports in Japan, by from -2.9% to +1.1% in March, beating +0.4% consensus. Imports eased, from 11.9% to 5.5%, below the 6.3% expected. The adjusted Merchandise trade deficit narrowed from ¥-1,086.581B to ¥-921.976B, better than the ¥-934.500B expected.
“We would allow for some slippage to 97.40/96.00”, wrote Commerzbank analyst Karen Jones. “We need a break above 98.715 order to reassert upside pressure towards the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance”, she added.
The economic calendar showed rising exports in Japan, by from -2.9% to +1.1% in March, beating +0.4% consensus. Imports eased, from 11.9% to 5.5%, below the 6.3% expected. The adjusted Merchandise trade deficit narrowed from ¥-1,086.581B to ¥-921.976B, better than the ¥-934.500B expected.
“We would allow for some slippage to 97.40/96.00”, wrote Commerzbank analyst Karen Jones. “We need a break above 98.715 order to reassert upside pressure towards the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance”, she added.