by Wed, 16 Mar 2011 06:17:00 +0100
Forex: USD/JPY holds near weekly lows, Noda closely watching FX market
FXstreet.com (Córdoba) - The Nikkei took a breather and rose for first time in 5 days, up by almost 6% at one stage and is closing around +3.5%, as some investors viewed the 16% plunge in Tokyo shares over the past two sessions as a buying opportunity. There has been also talk going around the market that the surge in the Nikkei was due to official buying, what the market calls "plunge patrol".
The Yen fell from a weekly high of 80.60 against the Greenback as the rebound in stocks and a third day of fund injections by the BoJ eased investor risk aversion. USD/JPY reached 81.16 during the Asian morning but quickly reversed gains; the cross holds near its recent lows, currently around 80.85.
Meanwhile, the Japanese Finance Minister Yoshihiko Noda repeated on Wednesday he is closely watching the currency market.
| Technical Analysis (2011-03-16 05:00 GMT) | |
|---|---|
USD/JPY 80.82/80.9 - O: 82.955 H: 82.98 L: 82.875 C: 82.885 | |
| Trend | R3: 81.2819 |
 | R2: 81.0797 |
| R1: 80.8775 | |
| S1: 80.4482 | |
| S2: 80.6504 | |
| S3: 80.8525 | |
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