Forex: USD/JPY downside held by 96.00

FXstreet.com (Barcelona) - Blocked at 96.28, the USD/JPY is acting lower as investors take profits following the confirmation of Kuroda as BoJ Governor by Japan's upper house. Kikuo Iwata and Hiroshi Nakaso are the Deputy Governors and they will start on March 20th. “Confirmation of new BoJ Governor Kuroda was a mere formality, and we await the first BoJ meeting on April 3 to see if strong words are backed by aggressive deeds”, wrote TD Securities analysts.

The USD/JPY downside found its low at 95.95 and is being held by 96.00 level, at the time of writing. Investors will now be awaiting the release of US CPI, industrial production, Reuters/Michigan consumer sentiment and NY Empire State manufacturing index.

“Please note that we have a 13 count on the 240 minute chart and we would allow for a small retracement to 95.63/25, ahead of further gains”, wrote Commerzbank analyst Karen Jones, targeting 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows) on the longer term.