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14 Feb 2013

Forex: USD/JPY volatile on BoJ and candidates for Governor

Thursday trading started with a spike down to 93.14 low followed by a spike up to 93.64 on volatility caused by the BoJ monetary policy, which was left unchanged as Governor Shirakawa is at the end of his term. As the USD/JPY trades with European money, the market went to test its highs and extended to 93.71. As of writing, the pair quotes around 93.50.

According to UBS analysts, more volatile than the BoJ decision were remarks by Kazumasa Iwata, one of the candidates for BoJ Governor: "He reportedly said that a yen correction is needed to reach the 2% inflation target, and that USDJPY in the range of 90-100 is just a return to equilibrium", wrote analysts Geoffrey Yu and Gareth Berry.

Commerzbank analysts are biased to the downside: "USD/JPY is holding sideways and looks set to ease back to its 240 minute cloud (currently at 92.20). The intraday Elliott wave count is indicating a deeper retracement to 91.40 and possibly 89.55 is likely prior to another leg higher", wrote analyst Karen Jones.
Feb 14, 2013

Forex: GBP/USD extends its decline, eyes on 1.5500

The sterling is intensifying its downside on Thursday, as risk aversion is taking over the markets. The bearishness surrounding GBP is dragging the cross to the vicinity of the key support at 1.5500 as the...
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Feb 14, 2013

Forex: USD/CHF rallies to intraday resistance on French and Germany Q4 recession

The USD/CHF is rallying at the moment of writing, mirroring negatively the EUR/USD chart, as investors realize the "not-so good" economic reality in the Eurozone after the publication of flash GDP figures in France and Germany.
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