Forex: USD/JPY spikes after Y45t APP increase

By FXstreet.com,  July 12, 2012, 12:10:00 AM EDT

FXstreet.com (San Francisco) - The Japanese yen has dipped to fresh 4-day lows against the U.S. dollar after the Bank of Japan announced a Y45 trillion increase to its Asset Purchase Program ( APP ) at the conclusion of its July meeting on monetary policy.

USD/JPY jumped from an earlier session low of 79.45 to as high as 79.94 and last trades at 79.70, practically unchanged from its starting price this Thursday.

Price continues to rotate around a horizontal order of moving averages on the Daily timeframe chart, but trades above the mean on the 4-hour chart.

In the latter mentioned timeframe, technical studies display a n overbought CCI as per above the 100 level, while RSI points higher yet remains below the 70 point which separates neutral from overbought conditions.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks: APP



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