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4 Mar 2013
Forex: USD/JPY sideways, ignoring Kuroda
The USD/JPY is currently limited to the range of 93.30/70 after both moves higher and lower during the Asian session. Since then, the pair has been trading sideways under a very tight range.
"BoJ Governor-nominee Kuroda struck an unmistakably dovish tone overnight, advocating a range of additional easing measures in order combat deflation", wrote UBS analyst Gareth Berry. "He was careful to avoid sounding too radical though £££ explicitly ruling out directly underwriting JGBs for example. This arguably boosts his chances of securing parliamentary confirmation by not raising too many eyebrows amongst the DPJ opposition", he added.
Japan's Monetary Base rose from 10.9% to 15.0% in February, beating 11.5% consensus.
"The market continues to show signs of recovery from its trend line support, which is today located at 90.85. We will attempt tentative longs", wrote Commerzbank analyst Karen Jones, pointing to resistance at 94.77 ahead of 94.99 then the March 2009 spike low at 95.77.
"BoJ Governor-nominee Kuroda struck an unmistakably dovish tone overnight, advocating a range of additional easing measures in order combat deflation", wrote UBS analyst Gareth Berry. "He was careful to avoid sounding too radical though £££ explicitly ruling out directly underwriting JGBs for example. This arguably boosts his chances of securing parliamentary confirmation by not raising too many eyebrows amongst the DPJ opposition", he added.
Japan's Monetary Base rose from 10.9% to 15.0% in February, beating 11.5% consensus.
"The market continues to show signs of recovery from its trend line support, which is today located at 90.85. We will attempt tentative longs", wrote Commerzbank analyst Karen Jones, pointing to resistance at 94.77 ahead of 94.99 then the March 2009 spike low at 95.77.