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Forex: USD/JPY sideways trading at 99.78/80

FXstreet.com (Barcelona) - The USD/JPY has been locked in a sideways consolidation Monday, following an earlier attempt towards 100.00. However, European trading has provided little impetus for the cross to breach this key barrier, and as such the pair is now settling at 99.78/80 at the time of writing.

“The USD/JPY opened positively this week, as we see it stable on levels close to significant resistance levels extending around 99.85. In general, the pair is in the ascending channel and the linear regression indicators are positive supporting extending positivity.” notes the ICN.com analyst team.

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that Yen selling has regained momentum after the passing of the G20 meeting late last week, at which the international community accepted the recent monetary policy actions undertaken by the new BoJ leadership. He adds that Finance Minister Aso stated that Japan’s policies have won the G20’s understanding with yen weakness resulting from policy aimed at defeating deflation and supporting domestic demand acceptable.

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Forex Flash: EUR/GBP forming a top, might slip to 0.8363 and 0.8241 - Commerzbank

Commerzbank analysts see the EUR/GBP in the middle of its daily cloud and giving few clues to near term direction. “We suspect the 0.8561/65 (cloud+Fibo resistance) will curb the topside for a slide back to the 0.8487 short term uptrend and the base of the cloud at 0.8450. Currently however the market is in the middle of the cloud and could well consolidate sideways for a few days”, wrote analyst Karen Jones, suspecting that the market is forming a top. “This suggests further slippage to 0.8363 and 0.8241 be allowed for, these are the 61.8% and 78.6% retracements of the moves seen this year”, she continued, able to neutralize the outlook once above 0.8665, allowing for another leg up to the 0.8814/15 February high.
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