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12 Mar 2013
Forex: USD/JPY flattens weekly candlestick
The USD/JPY breached below 96.33/38 and extended its downside to just above the 96.00 mark, trading at yesterday's levels. The market is now flat on the week and looks for a trigger to define a direction.
Japan's consumer confidence rose from 43.3 to 44.3 in February.
Just published was Italy CPI, at 0.1% (MoM) and easing from from 2.2% to 1.9% in February (YoY), as expected. The EU normalized figure made no surprise by dropping from 2.4% to 2.0%.
Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.
“Strong bulls remain intact, despite overbought conditions on lower timeframe studies and looking for test of psychological 100 barrier in the near-term, with initial targets standing at 97.00/70, Aug/July 2009 highs”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at 96.00/95.50, “while violation of the latter would signal a pause in recent rallies and allow for deeper pullback”.
Japan's consumer confidence rose from 43.3 to 44.3 in February.
Just published was Italy CPI, at 0.1% (MoM) and easing from from 2.2% to 1.9% in February (YoY), as expected. The EU normalized figure made no surprise by dropping from 2.4% to 2.0%.
Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.
“Strong bulls remain intact, despite overbought conditions on lower timeframe studies and looking for test of psychological 100 barrier in the near-term, with initial targets standing at 97.00/70, Aug/July 2009 highs”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at 96.00/95.50, “while violation of the latter would signal a pause in recent rallies and allow for deeper pullback”.