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13 Feb 2013
Forex: USD/JPY holds above 93.50 after US inventories
The USD/JPY retraced its Asian losses (low at 92.83) during the European shift, peaking at 93.78 high. The pair has retrieved to just above the opening price of 93.47.
In December, Business Inventories in the US have risen +0.1%, coming below the expected rise of 0.3%. November data was revised lower, from +0.3% to +0.2%.
US import prices rose +0.6% (consensus of +0.7%) and import prices rose +0.3% (as expected) in January (MoM). US retail sales excluding autos rose +0.2% (consensus of +0.1%), while the headline index rose +0.1% as expected in January (MoM).
“The USD/JPY currency pair is trying to start another descending wave for its maximums. The structure of this wave implies no corrections in the nearest future”, wrote Roboforex.com analyst Igor Sayadov, expecting a new ascending movement to reach a new maximum at the level of 94.90.
In December, Business Inventories in the US have risen +0.1%, coming below the expected rise of 0.3%. November data was revised lower, from +0.3% to +0.2%.
US import prices rose +0.6% (consensus of +0.7%) and import prices rose +0.3% (as expected) in January (MoM). US retail sales excluding autos rose +0.2% (consensus of +0.1%), while the headline index rose +0.1% as expected in January (MoM).
“The USD/JPY currency pair is trying to start another descending wave for its maximums. The structure of this wave implies no corrections in the nearest future”, wrote Roboforex.com analyst Igor Sayadov, expecting a new ascending movement to reach a new maximum at the level of 94.90.