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22 Feb 2013
Forex: USD/JPY eases from 93.47 peak, but still higher on the day
The USD/JPY peaked at 93.47 high in early European session only to retrace back to the area where it has been trading sidelined around 93.30, still above the opening price of 93.11.
The US session will have little to watch on the economic calendar besides FOMC Powell and Fed's Tarullo's speeches, and Canada CPI and retail sales. Fed's officials have been attempting to clarify the latest FOMC meeting minutes that alarmed investors of an end to QE sooner than previously thought. Fed's Bernanke will speak next week and might also try to sound dovish to compensate concerns over the minutes.
“USD/JPY remains in a horizontal range between the support at 92.23 (15/02/2013 low) and the resistance at 94.46 (11/02/2013 high)”, wrote MIG Bank analyst Bijoy Kar, pointing to the need of a break to the upside to resume the underlying uptrend.
The US session will have little to watch on the economic calendar besides FOMC Powell and Fed's Tarullo's speeches, and Canada CPI and retail sales. Fed's officials have been attempting to clarify the latest FOMC meeting minutes that alarmed investors of an end to QE sooner than previously thought. Fed's Bernanke will speak next week and might also try to sound dovish to compensate concerns over the minutes.
“USD/JPY remains in a horizontal range between the support at 92.23 (15/02/2013 low) and the resistance at 94.46 (11/02/2013 high)”, wrote MIG Bank analyst Bijoy Kar, pointing to the need of a break to the upside to resume the underlying uptrend.