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Forex: USD/JPY closer to 99.00 on G20 headlines

FXstreet.com (Barcelona) - The USD/JPY has been climbing the chart on Friday as the G20 meeting has a focus on monetary policy, particularly of Japan, and finance minister Aso revealed that Japan faced no opposition at G20 to its message that its monetary policy is aimed at beating deflation. The pair has lifted to 98.91 high, so far, as European money gets in the game.

Japan coincident index rose from 91.6 to 92.4 in February, the leading economic index has gone from 95 to 97.6, and all Industry Activity Index improved from -1.6% to +0.6% (consensus of -0.6%.

“We need a break above 98.715 order to reassert upside pressure towards the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance”, wrote Commerzbank analyst Karen Jones.

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