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Forex: USD/JPY falls below 96.00 after Fed releases, test 96.65 support
Wed, Mar 18 2009, 19:17 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) - The USD/JPY has fallen around 400 pips from the 98.33 to test the 95.65 support (March 12 low) after the Fed decision on leaves its interest rate unchanged and to buy treasuries and to increase the MBS program to 1.25 Trillion Dollars.
Japanese yen is close to break the 95.50 zone, momentum is bearish, and if does, more selling pressure could be seen on the pair.
Dollar is falling apart across the board after the FED statement. The Federal Reserve said it will buy up to $300 billion in longer-term Treasury's and raise the size of lending programs already aimed at reducing mortgage rates by another $750 billion, a forceful reminder that officials still have powerful tools to combat the recession.
According Nick Nassad, currency market analyst with CMS Forex, despite Japan wants a weaker Yen, the JPY momentum looks bearish: "Japan would prefer to have a weaker currency to help boost exports but seems like 100 acted as strong resistance. We are establishing a downward channel with today's moves reaching the bottom line of support."
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