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22 Feb 2013
Forex: USD/JPY struggling to regain 93.50
The cross can’t get enough traction to leave behind 93.50 on Friday, as buying interest is back to the Japanese yen in a context dominated by risk aversion.
“The biggest near-term market risk for USDJPY is the announcement of the next BoJ governor likely to be in the coming week. USDJPY has been unable to break to a fresh high since the G7 announcement, waiting for a catalyst”, writes Camilla Sutton, Chief Currency Strategist at Scotibank.
At the moment, the cross is up 0.18% at 93.27
Next resistance levels align at 93.87 (high Feb.21) ahead of 94.05 (high Feb.20) en route to 94.22 (high Feb.18).
On the opposite direction, a breakdown of 92.92 (low Feb.22) would clear the way to 92.77 (low Feb.21) and then 92.22 (low Feb.15).
“The biggest near-term market risk for USDJPY is the announcement of the next BoJ governor likely to be in the coming week. USDJPY has been unable to break to a fresh high since the G7 announcement, waiting for a catalyst”, writes Camilla Sutton, Chief Currency Strategist at Scotibank.
At the moment, the cross is up 0.18% at 93.27
Next resistance levels align at 93.87 (high Feb.21) ahead of 94.05 (high Feb.20) en route to 94.22 (high Feb.18).
On the opposite direction, a breakdown of 92.92 (low Feb.22) would clear the way to 92.77 (low Feb.21) and then 92.22 (low Feb.15).