17 Mar 2015
USD/JPY hovering near lows, BOJ Kuroda’s comments eyed
FXStreet (Mumbai) - USD/JPY remained near lows in the late Asian session, unable to find support from Bank of Japan’s (BOJ) steady monetary policy stance, while traders now await BOJ Governor Kuroda’s comments at the press conference for fresh insights.
USD/JPY stuck below 121.40
Currently, the USD/JPY traded modestly flat at 121.37, steadying close to daily lows at 121.35 levels. USD/JPY was unperturbed by BOJ’s policy decision as markets had widely anticipated that BOJ would keep its monetary policy unchanged. However, the policy statement did mention that further policy support will likely be needed in the coming months as inflation risks turning negative.
Meanwhile, traders now await BOJ press conference as BOJ Governor Kuroda’s comments may provide further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.67 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.24 (20-DMA) levels.
USD/JPY stuck below 121.40
Currently, the USD/JPY traded modestly flat at 121.37, steadying close to daily lows at 121.35 levels. USD/JPY was unperturbed by BOJ’s policy decision as markets had widely anticipated that BOJ would keep its monetary policy unchanged. However, the policy statement did mention that further policy support will likely be needed in the coming months as inflation risks turning negative.
Meanwhile, traders now await BOJ press conference as BOJ Governor Kuroda’s comments may provide further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.67 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.24 (20-DMA) levels.