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7 Mar 2013
Forex: USD/JPY struggling with the 94.00 round while Nikkei clears 12k mark ahead of BoJ
With Nikkei index closing yesterday up +2.13% at fresh 4-year highs above the 11900 points, USD/JPY is trading slightly below the 94.00 round mark, last at 93.93, off fresh weekly and 7-day highs at 94.12, ahead of BoJ monetary policy statement expected to come out later than 03:00 GMT. The pair is up +0.68% since previous Asia-Pacific open yesterday, and +0.38% for the week, while Nikkei index opens in Tokyo now above the key 12k points mark, highest since Sept 2008, up +0.78% for the day.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart is showing indicators slightly exhausted to the upside and in overbought levels. However, 100 SMA continues to gain ground below current price after clearly overcoming 200 one, which supports further gains ahead,” the analyst notes, adding: “Risk now is next Friday US employment data, as a negative reading could send investors back towards yen, but for now, bulls rule: pair will face strong resistance around 94.50, but once above, 95.20 comes at sight,” she concludes.
Support levels are located by Valeria at: 93.80, 93.50 and 93.20, while resistance levels at: 94.10, 94.50 and 94.90.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart is showing indicators slightly exhausted to the upside and in overbought levels. However, 100 SMA continues to gain ground below current price after clearly overcoming 200 one, which supports further gains ahead,” the analyst notes, adding: “Risk now is next Friday US employment data, as a negative reading could send investors back towards yen, but for now, bulls rule: pair will face strong resistance around 94.50, but once above, 95.20 comes at sight,” she concludes.
Support levels are located by Valeria at: 93.80, 93.50 and 93.20, while resistance levels at: 94.10, 94.50 and 94.90.