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8 Feb 2013
Forex: USD/JPY off lows after US data
The USD/JPY is seen bouncing from its lows as the US session takes place. Falling since early Asian session and, with a sharp plunge down to 92.17 low on the European morning, pressure on the pair was maintained until US trade deficit data was released.
The US trade deficit was narrowed from $-48.61B to $-38.54B in December, beating market consensus of $-46.00B.
Unlike what it was expected by market consensus, Wholesale Inventories in the US contracted -0.1% in December. Following a 0.6% rise in November, analysts were expecting a 0.4% rise today.
"The pair averts immediate risk of break below important 92.00 support, as recent reversal’s acceleration through 93.00, found footstep at 50% of 90.31/94.01 ascend and subsequent bounce approaches 93.00 handle", wrote Windsor Brokers analyst Slobodan Drvenica.
The US trade deficit was narrowed from $-48.61B to $-38.54B in December, beating market consensus of $-46.00B.
Unlike what it was expected by market consensus, Wholesale Inventories in the US contracted -0.1% in December. Following a 0.6% rise in November, analysts were expecting a 0.4% rise today.
"The pair averts immediate risk of break below important 92.00 support, as recent reversal’s acceleration through 93.00, found footstep at 50% of 90.31/94.01 ascend and subsequent bounce approaches 93.00 handle", wrote Windsor Brokers analyst Slobodan Drvenica.