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19 Jun 2013
USD/JPY flirting with 97.00
FXstreet.com (Buenos Aires) – It does not matter FED economic projections showed a pretty modest improvement and that the Central Bank decided to kept its policy unchanged. Dollar soared across the board with the FOMC statement, only to accelerate when Bernanke began talking about QE exit strategy. The USD/JPY hit a daily high of 96.92, flirting with key 97.00 figure after pulling back some. As market digests the latest news, majors enter a consolidative stage, although dollar remains strong across the board.
No trend change yet
Despite latest run, Valeria Bednarik, Fxstreet.com chief analyst says: “current USD/JPY gains are no doubts impressive, but far from suggesting bears are done. The 23.6% retracement of the October/May run stands around 97.50, and only steady gains above the level will made bears tumble.” As for the short term, she sees strong supports for upcoming hours at 97.00 and mentioned 97.50, while according to her view, supports now stand at 96.60, 96.15 and finally 95.80 price zone.
No trend change yet
Despite latest run, Valeria Bednarik, Fxstreet.com chief analyst says: “current USD/JPY gains are no doubts impressive, but far from suggesting bears are done. The 23.6% retracement of the October/May run stands around 97.50, and only steady gains above the level will made bears tumble.” As for the short term, she sees strong supports for upcoming hours at 97.00 and mentioned 97.50, while according to her view, supports now stand at 96.60, 96.15 and finally 95.80 price zone.