19 Jul 2013
USD/JPY consolidates above 100.00
FXstreet.com (Córdoba) - Even though the dollar is a touch softer across the board, the USD/JPY managed to erase its intraday losses and settled above 100.00 at the beginning of the New York session.
USD/JPY has sent the last hours sideways in a slim range between 100.10 and 100.50, unable to set a fresh direction as traders leave their desks for the weekend. At time of writing, USD/JPY is quoting at the 100.30 area, only a few pips below its opening price.
BOJ to remain in an accommodative mode
However, the USD/JPY is set to close the week with a net gain of 0.9%. "Despite the volatile price action, the pair remained on an upward bias as market participants looked forward to the July 21st upper house elections where the LDP are widely expected to win, which would consolidate their power over Japanese policy", says the TalkingForex.com team. "In turn, this is expected to allow the government to continue to press on the BOJ to remain in an accommodative mode".
USD/JPY has sent the last hours sideways in a slim range between 100.10 and 100.50, unable to set a fresh direction as traders leave their desks for the weekend. At time of writing, USD/JPY is quoting at the 100.30 area, only a few pips below its opening price.
BOJ to remain in an accommodative mode
However, the USD/JPY is set to close the week with a net gain of 0.9%. "Despite the volatile price action, the pair remained on an upward bias as market participants looked forward to the July 21st upper house elections where the LDP are widely expected to win, which would consolidate their power over Japanese policy", says the TalkingForex.com team. "In turn, this is expected to allow the government to continue to press on the BOJ to remain in an accommodative mode".