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22 May 2013
USD/JPY slightly higher on London official open
FXstreet.com (London) - BoJ left policy unchanged in their policy meeting with a target interest rate at 0.00 – 0.10% and the Monetary Base Target as ¥270 trillion. There were no surprises and very little reaction in the market. The pair is trading slightly higher in the London open and above the pivot point.
The MA’s on the charts offer bullish signals, supported y SMA 200 at 102.12 within an ascending channel targeting resistance 103.00 (17/5 (103.32) high) again.
On the economic calendar, the market is looking out for FOMC minutes in the evening and Bernanke speaking on ‘The Economic Outlook’. Close attention will be paid to his testimony to the Joint Economic Committee of Congress. The market has been latching onto strong language in tapering of the QE programme after a series of improved economic data in the US, although the bears feel the road map for exiting the programme is still a long one and that language came too soon.
The MA’s on the charts offer bullish signals, supported y SMA 200 at 102.12 within an ascending channel targeting resistance 103.00 (17/5 (103.32) high) again.
On the economic calendar, the market is looking out for FOMC minutes in the evening and Bernanke speaking on ‘The Economic Outlook’. Close attention will be paid to his testimony to the Joint Economic Committee of Congress. The market has been latching onto strong language in tapering of the QE programme after a series of improved economic data in the US, although the bears feel the road map for exiting the programme is still a long one and that language came too soon.