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TradersPulse News

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TradersPulse News

Post by natasa.bale on Wed May 01, 2013 12:42 pm

The U.S. dollar is commercialism slightly higher against the japanese!
TradersPulse News

The U.S. dollar is commercialism slightly higher against the japanese, however the combine is prosperous the highs of Wednesday’s Asian session as traders speculate concerning once USD/JPY might reach a hundred. In Asian trading Wednesday, USD/JPY is higher by 0.01% at 99.03 after earlier trading as high as 99.32. The pair was likely to find resistance at 99.66, the earlier high, and support at 98.31, Monday's low. While USD/JPY has not mounted a credible challenge to 100 in the past 24 hours, some traders believe it is just a matter of time before that level is reached. Last week, yen plunged against the greenback and most other currencies after the Bank of Japan conducted its first government bond purchasing operation early Monday when it kicked off purchases of JPY1.2 trillion in Japanese government debt maturing in five years or more. However, the selling pressure on the yen has cooled over the past couple of days as some traders see the yen’s declines as a case of too much too soon. On Tuesday, Japanese Prime Minister looked assuage skittish investors about the potentially adverse effects of the weaker yen. Abe said "We’ll make efforts to prevent (the yen’s sharp slide) from strongly exerting a harmful influence (on the economy). Economic Minister Akira Amari noted that the positive effects of the weaker yen have yet to fully take shape while noting exports have not entirely bottomed. A weaker yen can help increase profits for Japanese exporters. At another press event, Finance Minister Taro Aso said the yen is being "corrected" after a prolonged period of strength. Elsewhere, EUR/JPY rose 0.07% to 129.65 while AUD/JPY is higher by 0.01% at 103.88. NZD/JPY gained 0.07% to 84.48.


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