Forex: USD/JPY in rebound mode

on Sep 19, 2013
Listen September Thursday 19th_: The USD/JPY yesterday reached a high at 99.32 during the Asian session, hitting the rising 89-period simple moving average, which offered strong resistance and the pair started to fall. The decline accelerated aggressively after the Fed FOMC announced that the asset purchase programme won’t be trimmed from the current level of $85 billion a month and the interest rate would remain at 0.25 percent until better figures come out in support of the economic recovery. The price dropped by 1.08 percent to 97.75, the lowest point since 29 August. The pair lost 0.97 percent with the daily candle opening at 99.14 and closing at 98.17.

Since yesterday’s low, the USD/JPY has been rebounding and at the moment is changing hands at 98.80, after moments ago reaching an intraday high at 98.84.
Earlier today Japan’s seasonally adjusted Trade Balance for August was announced by the Ministry of Finance, showing a drop in the deficit to ¥0.791 trillion from ¥0.911 trillion in July. The analysts had expected a deficit of ¥0.819 trillion. The Exports y/y rose by 14.7 percent and the Imports y/y increased by 16 percent.

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Japan’s All Industries Activity m/m report revealed growth by half a percent in July, compared to the expected 0.3 percent rise and the prior 0.7 percent drop.
Later today Bank of Japan governor Haruhiko Kuroda is scheduled to speak at the National Securities Industry Convention, in Tokyo.
From the US, the most anticipated economic data today are the past week’s Unemployment Claims, the August Existing Home Sales and the September Philly Fed Manufacturing Index.


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