Forex: USD/YPY retracing after hitting 103.00

on May 22, 2013

The USD/JPY is trading higher during the London session, after Bank of Japan decided to keep its interest rate at 0.1 percent, as had been expected.

After hitting the 103.00 resistance level the pair is retracing back with expectations to reach support at 102.65.
Earlier today, Finance Minister Taro Aso announced the Japanese trade deficit had widened to a larger-than-expected 879.9 billion yen in April. Exports rose 3.8 percent to 5.78 trillion yen, but imports increased 9.4 percent to 6.66 trillion yen.
Bernanke’s speech at 14h GMT following Federal Open Market Committee minutes at 18h GMT will define if the daily bullish trend will continue.

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