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17 Apr 2013
Forex: USD/JPY retraces weekly losses back to 98.37
FXstreet.com (Barcelona) - The USD/JPY extended its retracement from the fall on Monday and has fully retraced back to Friday’s close at 98.37, where the market is currently quoting at. That area is acting as resistance.
Japan consumer confidence improved from 44.3 to 44.8 in March, beating the consensus of 46.7.
“We suspect that the market will need to clear 98.715, the 15th April high in order to reassert upside pressure towards the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance”, wrote Commerzbank analyst Karen Jones, unable to rule out a retest of trend and cloud support at 94.07/93.91.
Japan consumer confidence improved from 44.3 to 44.8 in March, beating the consensus of 46.7.
“We suspect that the market will need to clear 98.715, the 15th April high in order to reassert upside pressure towards the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance”, wrote Commerzbank analyst Karen Jones, unable to rule out a retest of trend and cloud support at 94.07/93.91.