JPY Trading Outlook (31-03-2014)
USD/JPY: The yen was sold far and wide from the London open, as Japan’s FY-end and lack of sustained yen gains. The pair made recent highs, the daily cloud base and Kijun by 102.50 were cleared and was set to be closed above finally. However, offers in 103 areas are still holding, with more touted at the cloud top and the 103.10 Monday placement of the down TL off Jan 10 & March 7 highs. Fresh Nikkei buying is seen as part and parcel of QQE2.
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