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5 Jun 2013
USD/JPY consolidates below 100.00
FXstreet.com (Barcelona) - The Japanese yen is extending its upside against its American counterpart on Wednesday, dragging the cross to test session lows around 99.25/30.
“We continue to believe that a credible economic growth strategy is required to support expectations that Abenomics will prove successful at lifting inflation and growth maintaining a weakening bias for the yen”, commented Currency Analyst at BTMU, Lee Hardman, after the speech by PM S.Abe this morning, outlining several measures to boost economic growth.
USD/JPY is now losing 0.79% at 99.27 with the next support at 99.08 (low Jun.5) followed by 98.86 (low Jun.3) and then 98.65 (low May 9). On the upside, a breakout of 100.47 (high Jun.5) would target 100.73 (high Jun.3) and finally 101.00 (psychological level).
“We continue to believe that a credible economic growth strategy is required to support expectations that Abenomics will prove successful at lifting inflation and growth maintaining a weakening bias for the yen”, commented Currency Analyst at BTMU, Lee Hardman, after the speech by PM S.Abe this morning, outlining several measures to boost economic growth.
USD/JPY is now losing 0.79% at 99.27 with the next support at 99.08 (low Jun.5) followed by 98.86 (low Jun.3) and then 98.65 (low May 9). On the upside, a breakout of 100.47 (high Jun.5) would target 100.73 (high Jun.3) and finally 101.00 (psychological level).