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29 Mar 2013
Forex: USD/JPY side-lined around 94.00
FXstreet.com (Barcelona) - The Japanese yen is extending its consolidation pattern around the key level of 94.00 on Friday, as thin trade is dominating the headlines.
Domestic data showed this morning that Housing Starts grew at an annualized 3.0% in February, exceeding the 1.9% contraction expected. Construction Orders expanded 16.3% over the last twelve months in the same period, far above the 3.7% drop in the previous month.
Analysts at BTMU suggest, “There is one more scheduled monetary policy meeting on April 26th. And market expectations for further monetary accommodation will underpin the yen selling momentum. Next week, the lower ceiling of USD/JPY may be at the 93.00-level. The NFP figure may also support USD buying next week, and move USD/JPY to the 95.00s”.
At the moment, the cross is down 0.13% at 94.09 facing 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).
Domestic data showed this morning that Housing Starts grew at an annualized 3.0% in February, exceeding the 1.9% contraction expected. Construction Orders expanded 16.3% over the last twelve months in the same period, far above the 3.7% drop in the previous month.
Analysts at BTMU suggest, “There is one more scheduled monetary policy meeting on April 26th. And market expectations for further monetary accommodation will underpin the yen selling momentum. Next week, the lower ceiling of USD/JPY may be at the 93.00-level. The NFP figure may also support USD buying next week, and move USD/JPY to the 95.00s”.
At the moment, the cross is down 0.13% at 94.09 facing 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).