USD/JPY Likely To Decline Later In Day

Forex News USD/JPY likely to decline again later in day, says Tsutomu Soma, senior trader at Okasan Securities. Says, Japanese trust funds may lend some support around 104.50 for now, but "in general, the dollar continues to be in a selling trend. Freddie Mac and Fannie Mae are probably only the tip of the iceberg and players likely think there is still much more to come. It's a difficult environment for the dollar." Players eyeing U.S. financial institutions' earnings results later in day; "dollar sentiment is down and players are seeking more reasons to sell, so weak earnings could trigger another downturn," he says. In such case, USD/JPY could once again slip below 104; USD/JPY last at 104.90 on EBS.