Back
1 May 2013
Forex: USD/JPY capped at 97.67
FXstreet.com (Barcelona) - The USD/JPY made a second upside attempt in mid-European session and it failed again at 97.67 high. The pair is now holding its gains above 97.50.
“We expect the assessment of the economic and inflation outlook to be downgraded, reflecting a shifting emphasis relative to March when the prospect of a labor market recovery was beginning to tilt the balance towards tapering. This time around the rising uncertainty about the impact of fiscal austerity on growth and further moderation in core inflationary pressures will likely shift the balance back to an easing bias”, wrote TD Securities analyst Alvin Pontoh.
“The outlook here remains bearish below 97.70 resistance area, for a slide towards 96.40”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial resistance at 98.18.
“We expect the assessment of the economic and inflation outlook to be downgraded, reflecting a shifting emphasis relative to March when the prospect of a labor market recovery was beginning to tilt the balance towards tapering. This time around the rising uncertainty about the impact of fiscal austerity on growth and further moderation in core inflationary pressures will likely shift the balance back to an easing bias”, wrote TD Securities analyst Alvin Pontoh.
“The outlook here remains bearish below 97.70 resistance area, for a slide towards 96.40”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial resistance at 98.18.