8 Apr 2015
USD/JPY keeps 120 on a non-event BOJ
FXStreet (Mumbai) - USD/JPY remained little changed during the mid-Asian session and quickly recovered a brief dip just below 120 handle after Bank of Japan’s (BOJ) kept its monetary policy steady.
USD/JPY supported above 50-DMA
Currently, the USD/JPY pair trades -0.18% lower at 120.07 levels, bouncing-off lows below 120 barrier immediately after BOJ announcement. The USD/JPY pair was mostly unmoved and held on to 120 handle after BOJ no changes to its monetary policy settings, instead chose a wait and watch approach assessing the impact of current stimulus measures on accelerating inflation towards the bank's 2% target rate.
Overall, the pair remain little affected as BOJ turned out to be a non-event with no new surprises, reiterating the same tune that Japanese economy is likely to continue moderate recovery and consumer inflation hovers around zero percent excluding effect of sales tax hike.
Meanwhile, traders now await BOJ Governor Kuroda’s comments at BOJ press conference due shortly for fresh incentives on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.32 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.84 (50-DMA) below that at 119.22 (100-DMA) levels.
USD/JPY supported above 50-DMA
Currently, the USD/JPY pair trades -0.18% lower at 120.07 levels, bouncing-off lows below 120 barrier immediately after BOJ announcement. The USD/JPY pair was mostly unmoved and held on to 120 handle after BOJ no changes to its monetary policy settings, instead chose a wait and watch approach assessing the impact of current stimulus measures on accelerating inflation towards the bank's 2% target rate.
Overall, the pair remain little affected as BOJ turned out to be a non-event with no new surprises, reiterating the same tune that Japanese economy is likely to continue moderate recovery and consumer inflation hovers around zero percent excluding effect of sales tax hike.
Meanwhile, traders now await BOJ Governor Kuroda’s comments at BOJ press conference due shortly for fresh incentives on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.32 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.84 (50-DMA) below that at 119.22 (100-DMA) levels.