9 Jan 2014
USD/JPY hovering below 105.00 as Nikkei opens lower
FXstreet.com (Córdoba) - The USD/JPY continues to trade sideways under 105.00. Stocks in Japan opened lower, sending the pair to 104.76, fresh daily low but trading remains quiet. At the moment of writing the Nikkei was down 0.92%.
Kathy Lien, from BK Asset Management affirms that while the USD/JPY struggles to hold to gains above 105.00, the fact that Japanese stocks rebounded is good news for Yen crosses. “The recovery in the Nikkei was attributed to the strong U.S. trade data but overseas fund managers are also increasing their exposure to Japanese assets with the economy expected to gain momentum before the consumption tax is increased in April”. But on Thursday, stocks in Japan appear to be headed toward another direction.
USD/JPY sees little support from US data and FOMC minutes
The USD/JPY finished Wednesday with a 25-pips gain, that were achieved during the Asian session. After being unable to hold above 105.00 on European and American hours pulled back trimming gains. Better-than-expected data from the US labor market and FOMC minutes, did not provide enough strength to the pair to break above 105.00.
Kathy Lien, from BK Asset Management affirms that while the USD/JPY struggles to hold to gains above 105.00, the fact that Japanese stocks rebounded is good news for Yen crosses. “The recovery in the Nikkei was attributed to the strong U.S. trade data but overseas fund managers are also increasing their exposure to Japanese assets with the economy expected to gain momentum before the consumption tax is increased in April”. But on Thursday, stocks in Japan appear to be headed toward another direction.
USD/JPY sees little support from US data and FOMC minutes
The USD/JPY finished Wednesday with a 25-pips gain, that were achieved during the Asian session. After being unable to hold above 105.00 on European and American hours pulled back trimming gains. Better-than-expected data from the US labor market and FOMC minutes, did not provide enough strength to the pair to break above 105.00.