25 Mar 2015
USD/JPY: 119.11 is key support
FXStreet (Guatemala) - USD/JPY is currently trading at 119.60 with a high of 119.83 and a low of 119.22.
USD/JPY remains consolidated around the mid point of the 119 handle with little bias towards the upside currently. The US durable goods missed expectations while there has been a lack of data to go off from Japan. With attentions on the Central Banks, analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the BOJ’s QQE announcement impact has clearly faded while there has been no shift in BOJ expectations going forward. "However, the news on the annual wage negotiations round for the new fiscal year does offer credible hope that a prolonged period of mild inflation may be coming to an end."
Noting that the USD/JPY dipped into the 119.29/11 support area, but stabilising there, Karen Jones, chief analyst at Commerzbank exlained that it contains last week’s low and the 55 day moving average at 119.29/11. "Below 119.11 will target the 118.11 February 16 low and possibly also the February low at 116.64. While no slip below 119.11 is seen, a bounce back to the late December, January and February highs at 120.48/82 could be seen."
USD/JPY remains consolidated around the mid point of the 119 handle with little bias towards the upside currently. The US durable goods missed expectations while there has been a lack of data to go off from Japan. With attentions on the Central Banks, analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the BOJ’s QQE announcement impact has clearly faded while there has been no shift in BOJ expectations going forward. "However, the news on the annual wage negotiations round for the new fiscal year does offer credible hope that a prolonged period of mild inflation may be coming to an end."
Noting that the USD/JPY dipped into the 119.29/11 support area, but stabilising there, Karen Jones, chief analyst at Commerzbank exlained that it contains last week’s low and the 55 day moving average at 119.29/11. "Below 119.11 will target the 118.11 February 16 low and possibly also the February low at 116.64. While no slip below 119.11 is seen, a bounce back to the late December, January and February highs at 120.48/82 could be seen."