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Forex: USD/JPY stalls below almost 4-year highs 98.85

FXstreet.com (Barcelona) - USD/JPY is currently correcting to 98.38 last from fresh session and almost 4-year highs at 98.85. The pair opened the week in Asia-Pacific with a gap higher from previous weekly close Friday around 97.54, few pips off previous multi-month highs, on the back of “reports that BOJ to start accelerating bond purchases,” said IFRMarkets, what caused “triggering stops.”

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows a strong upward momentum with 100 SMA crossing to the upside 200 one, both around 94.60, quite below current price yet signaling the upward potential the pair has,” the analyst notes, adding: “As for bigger time frames technical readings are also strongly bullish despite the gap around 97.50,” she concludes.

Valeria finds support levels at: 98.05, 97.80 and 97.50, while resistance levels: 98.80, 99.10 and 99.45.

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Forex Flash: AUD/USD to stay above parity for the remainder of 2013 – NAB

As Ray Attrill notes, Global Co-Head of FX Strategy at the NAB: “Two weeks ago we revised up our forecast for the pair to show it holding above parity for the remainder of 2013, amid reduced confidence that a (modestly) stronger USD over the balance of the year is capable of taking more than a small bite out of the AUD,” Ray says, adding: “and recognition that even if the RBA were to deliver another 50bp of rate cuts in this cycle as NAB currently forecasts, this is unlikely in itself to take much more than a cent off the currency (certainly this is all that the interest rate term in our fair-value AUD model suggests is justified),” the analyst concludes.
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