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19 Feb 2013
Forex: USD/JPY under narrow range, flat on the week
Despite today's weakness as investors got concerned with the open disagreement between PM Abe and Finance Minister Aso over the way forward for monetary policy and even who the next BoJ governor will be, the USD/JPY is pretty flat on the week, near the opening price of 93.72.
The USD/JPY wasn't able to get past the 94.00 mark in a sustained fashion, printing its highest level at 94.47 last week. The Housing Market Index by NAHB was expected to rise from 47 to 48 in February, but actual data points to a drop to 46, disappointing investors.
“The USD/JPY currency pair eliminated the gap, which took place on Monday”, wrote Roboforex.com analyst Igor Sayadov. “I think today the price may continue consolidating inside a narrow trading range and then leave in to reach the target at 95”, he added.
The USD/JPY wasn't able to get past the 94.00 mark in a sustained fashion, printing its highest level at 94.47 last week. The Housing Market Index by NAHB was expected to rise from 47 to 48 in February, but actual data points to a drop to 46, disappointing investors.
“The USD/JPY currency pair eliminated the gap, which took place on Monday”, wrote Roboforex.com analyst Igor Sayadov. “I think today the price may continue consolidating inside a narrow trading range and then leave in to reach the target at 95”, he added.