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Forex: USD/JPY above 96.00, ahead of Upper House vote

The Japanese yen is trading almost unchanged on Thursday, as the FX community is waiting for the Upper House vote among concerns regarding the approval of Deputy Governor nominee Iwata – considered extremely dovish.

“Upper house approval of the nominees would provide for further USDJPY upside. Meanwhile, Koichi Hamada, an adviser to PM Abe has risked angering Japan’s peers by talking about a specific exchange rate for USDJPY… Hamada said that 98-100 for USDJPY was a ‘good level”, suggested E.Theoret, Currency Strategist at Scotiabank.

At the moment, the cross is up 0.02% at 96.11 facing the next hurdle at 96.71 (2013 high Mar. 12) and then 96.80 (Upper Bollinger).
On the downside, a breach of 95.69 (low Mar.14) would expose 95.44 (hourly low Mar.8).

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