21 Jan 2015
USD/JPY remains below 118.00
FXStreet (Córdoba) - USD/JPY retreated throughout the Asian session and touched a 2-day low as the yen strengthened following the Bank of Japan decision to keep monetary policy unchanged.
Even though the BoJ decision was pretty much anticipated, the USD/JPY fell more than a full cent to a low of 117.29 before finding support. The pair has entered a consolidation phase over the last hours, with 117.90 capping the upside to presently trade at 117.50, recording a 1.07% loss on the day.
USD/JPY short-term outlook
From a technical perspective, TD Securities analysts noted that USD/JPY had recovered from another test of the mid/upper 115 area strongly enough to suggest that another push on to the 120 area was on the cards again; "we still rather look for USD/JPY to push up near term".
Even though the BoJ decision was pretty much anticipated, the USD/JPY fell more than a full cent to a low of 117.29 before finding support. The pair has entered a consolidation phase over the last hours, with 117.90 capping the upside to presently trade at 117.50, recording a 1.07% loss on the day.
USD/JPY short-term outlook
From a technical perspective, TD Securities analysts noted that USD/JPY had recovered from another test of the mid/upper 115 area strongly enough to suggest that another push on to the 120 area was on the cards again; "we still rather look for USD/JPY to push up near term".