23.04.2014 - Traders are waiting for a signal on the yen
The price of USD/JPY continues to consolidate below the strong level of 102.70. To continue the upward movement new incentives are needed and it may be the release of data on consumer price inflation on Friday. Index is expected to rise by 0.1% to 1.4%, with a target level of 2.0% of the Bank of Japan. In the near future might be a slight correction to the level of 102.35. We expect continued growth and recommend to open long positions after the price fixing above 102.70. In such case, the price may reach 104.00 and 104.70. We maintain our medium-and long-term positive outlook for the pair.