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29 Mar 2013
Forex: USD/JPY holding steady around 94.15/20
FXstreet.com (Barcelona) - The Japanese yen is closing the week with a firm tone against its American counterpart, coinciding at the same time with the end of the fiscal year in Japan, where historically the yen tends to appreciate.
In light of the next BoJ gathering next week, Analysts G.Yu and M.Narain at UBS expect Governor Kuroda to implement measures to weaken the yen. “The bar is higher for ‘surprises’, but we expect upside momentum to remain for USDJPY and stick to our year-end forecast of 100”, the experts concluded.
At the moment, the cross is down 0.03% at 94.18 with the next support at 93.88 (low Mar.28) followed by 93.81 (Kijun-Sen line) and then 93.53 (low Mar.25).
On the upside, a surpass of 94.43 (MA100h) would bring 94.80 (Tenkan line) and finally 94.60 (MA200h).
In light of the next BoJ gathering next week, Analysts G.Yu and M.Narain at UBS expect Governor Kuroda to implement measures to weaken the yen. “The bar is higher for ‘surprises’, but we expect upside momentum to remain for USDJPY and stick to our year-end forecast of 100”, the experts concluded.
At the moment, the cross is down 0.03% at 94.18 with the next support at 93.88 (low Mar.28) followed by 93.81 (Kijun-Sen line) and then 93.53 (low Mar.25).
On the upside, a surpass of 94.43 (MA100h) would bring 94.80 (Tenkan line) and finally 94.60 (MA200h).