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14 Mar 2013
Forex: USD/JPY bounces back after profit taking on BoJ Kuroda
Profit taking pulled the USD/JPY to 95.69 low as Japan's lower house approved Kuroda as BoJ Governor. The two nominees for deputies will be confirmed tomorrow. The USD/JPY then bounced back to the 96.00 ground and is approaching yesterday's high of 96.25. Ahead is early week's highs of 96.69/72.
Japan's industrial production rose 0.3% in January, much less than the previous figure of 2.4%, with capacity utilization at 1.7% (from 2.9%). The annualized industrial production, however, improved from -7.9% to -5.9%.
Commerzbank analysts were expecting a small retracement to 95.63/25, ahead of further gains. “Longer term we target 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows)”, wrote analyst Karen Jones.
Japan's industrial production rose 0.3% in January, much less than the previous figure of 2.4%, with capacity utilization at 1.7% (from 2.9%). The annualized industrial production, however, improved from -7.9% to -5.9%.
Commerzbank analysts were expecting a small retracement to 95.63/25, ahead of further gains. “Longer term we target 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows)”, wrote analyst Karen Jones.