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Forex: USD/JPY bounces from 94.03 low after US housing data

FXstreet.com (Barcelona) - After a first upside momentum to 94.91 high during the Asian session on reports that the BoJ is preparing to merge its two JGB buying programs into one, with the intention of making the scale of the BOJ's easing programs more transparent, the USD/JPY started to reflect the risk-off sentiment felt because of Dijsselbloem’s comments, rumors of a downgrade to Italy’s rating, and tomorrow’s re-opening of Cypriot banks and Italy’s Bersani talks with President Napolitano tomorrow regarding the progress of coalition negotiations.

Downside action made the USD/JPY fall to test the surrounding area of 94.00 mark as US pending home sales data was released, only to bounce afterwards and retrace all losses back to 94.33. Pending home sales fell -0.4% in February, more than the expected -0.2%. January data was revised lower from 4.5% to 3.8%. The annualized figure eased from 9.5% to 8.4%.

“It looks like the USD/JPY currency pair completed another ascending wave, which may be considered as a correction. Later, in our opinion, the price may start a new descending structure to reach a new minimum at 93 and then form another ascending wave”, wrote Roboforex.com analyst Igor Sayadov.

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