17 Feb 2015
Yen erases gains
FXStreet (Mumbai) - The Japanese Yen erased gains, taking the USD/JPY from the low of 118.24 to a high of 118.65 levels despite an extended standoff between Greece and its international creditors.
Focus on local events
Markets now await the Bank of Japan rate decision followed by governor Kuroda’s press conference scheduled tomorrow. The investors will watch out for his views on inflation, exchange rate and effectiveness of more monetary stimulus. Meanwhile, the extended standoff between Eurogroup and Greece risks overriding the deadlines - the ECB deciding when to cut off Greek banks' ELA access on Wednesday and Eurogroup President Dijsselbloem is saying this week is the only window for negotiation.
However, so far, the EUR has been unscathed. Consequently, the safe haven Japanese Yen failed to capitalize on the early gains.
USD/JPY Technical Levels
The pair currently trades at 118.48 levels. The immediate resistance is seen at 118.80 and 119.20 levels. On the flip side, support is seen at 118.20 and 117.90 levels.
Focus on local events
Markets now await the Bank of Japan rate decision followed by governor Kuroda’s press conference scheduled tomorrow. The investors will watch out for his views on inflation, exchange rate and effectiveness of more monetary stimulus. Meanwhile, the extended standoff between Eurogroup and Greece risks overriding the deadlines - the ECB deciding when to cut off Greek banks' ELA access on Wednesday and Eurogroup President Dijsselbloem is saying this week is the only window for negotiation.
However, so far, the EUR has been unscathed. Consequently, the safe haven Japanese Yen failed to capitalize on the early gains.
USD/JPY Technical Levels
The pair currently trades at 118.48 levels. The immediate resistance is seen at 118.80 and 119.20 levels. On the flip side, support is seen at 118.20 and 117.90 levels.