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20 Mar 2013
Forex: USD/JPY eases to 95.40/42 after Fed
FXstreet.com (Barcelona) - The USD/JPY has been inching higher all day Wednesday, as risk appetite leading up the Fed has proven to be a boon for the pair. After operating positively for the entirety of the European session, cross fell off an intraday maximum of 95.73, moving to 95.40/42 following the recent update from the Fed. At the time of writing, the pair is securing an advance of +0.29% above its opening.
According to Research Analyst Geoffrey Yu at UBS, “A bullish trend persists for the USD/JPY as the upside path now looks to be defined. Resistance is at 96.71, while a break above this level would open 97.79. Conversely, support lies far lower at 93.57/11.”
In the United States, the Fed has decided to hold interest rates at 0.25%, which was precisely in line with expectations.
According to Research Analyst Geoffrey Yu at UBS, “A bullish trend persists for the USD/JPY as the upside path now looks to be defined. Resistance is at 96.71, while a break above this level would open 97.79. Conversely, support lies far lower at 93.57/11.”
In the United States, the Fed has decided to hold interest rates at 0.25%, which was precisely in line with expectations.