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27 Feb 2013
Forex: USD/JPY at lows
The USD/JPY is steadily edging lower as the European morning unfolds, now already below the Asian session low of 91.64. On the downside, the pair has yesterday's low of 91.14 to target, ahead of Monday's low of 90.91.
Japan’s opposition party (DPJ) is already supporting Kuroda's candidacy for BoJ Governor. The USD/JPY had rallied at the start of the week to 94.50 on headlines that Kuroda would be appointed head of the central bank.
“Break and yesterday’s close below previous strong support at 92.00, keeps the downside favored, with resumption of recent sharp fall, seen on a break below 90.85, also near 50% of 86.81/94.55, to confirm reversal and open 90.00/89.75 next”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 92.75/93.00 barriers in case of a move above 92.00.
Japan’s opposition party (DPJ) is already supporting Kuroda's candidacy for BoJ Governor. The USD/JPY had rallied at the start of the week to 94.50 on headlines that Kuroda would be appointed head of the central bank.
“Break and yesterday’s close below previous strong support at 92.00, keeps the downside favored, with resumption of recent sharp fall, seen on a break below 90.85, also near 50% of 86.81/94.55, to confirm reversal and open 90.00/89.75 next”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 92.75/93.00 barriers in case of a move above 92.00.