Majors Up VS JPY, EUR/USD Moves Sideways

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Currencies paired against the JPY are currently seeing gains after last week's G-20 meeting. The meeting of G-20 finance ministers and central bank governors in Washington saw Japan avoid being singled out for its aggressive monetary policies.

Earlier, the Bank of Japan (BoJ) announced that it is injecting a new round of stimulus into its economy. Some have accused the BoJ of intentionally weakening the JPY because of this.

During the meeting, BoJ Governor Haruhiko Kuroda said that the move is only aimed at avoiding deflation of its economy, and not to intentionally weaken the Yen. G-20 members did not make specific mention of Japan's monetary policy after Kuroda's statement. Because of this development, several currencies rose against the JPY.

The USD/JPY, for example, has started positively during today's Asian session at 99.80. This brings it closer to the psychological 100.00 level. Breaking through this could take the pair even higher to 101.46, with support seen at 99.04.

Meanwhile, the EUR/JPY also started out strong at 130.53, with a possibility of breaking through the 131.00 mark. The AUD/JPY is also up, going up to 102.91 so far in today's Asian session. Support is seen at around 101.57, and resistance at about the 103.63 mark.


While majors have been rising against the JPY, not much can be said of the EUR/USD. The pair has been moving sideways since last week's high around the 1.32 mark. It is currently hovering at around 1.3075.


The pair is currently up so far at 0.8454 during today's Asia trade. But with moving averages turning lower, a downtrend is expected of the pair. Initial resistance is seen at around 0.8470, while initial support is at 0.8370.

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By FX Strategy Team, Published on 22nd of April 2013
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