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COZfx: Dollar strengthened against the Yen in morning sessio

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COZfx: Dollar strengthened against the Yen in morning sessio

Postby dwang » Wed Apr 23, 2014 2:07 am

COZforex: For the past trading session, the USD strengthened 0.12% against the JPY and closed at 102.68. The Japanese Yen came under pressure after trade deficit in Japan jumped nearly 70% to a record 13.75 trillion in the last fiscal year, hurt by a slowdown in the pace of the nation’s export.

Meanwhile, in an interview with Reuters, an ex-BoJ official, Miyako Suda opined that Japan’s central bank would likely refrain from expanding its monetary stimulus programme in the near future but cautioned at the same time also that if the BoJ does act, it would take “extraordinary” measures, including massive purchase of government bonds.

In the Asian session, USD/JPY is trading at 102.66, with the USD trading marginally lower from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 102.52 and a drop through could take it to the next support line of 102.39. Meanwhile, the pair is predicted to find its first resistance at 102.77, and a rise through could take it to the next resistance line of 102.88.

Amid the later course of the day, the Cabinet Office is expected to publish reports on Japan’s leading economic index and coincident index for February.

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