8 Apr 2015
USD/JPY supported at 119.70
FXStreet (Edinburgh) - The Japanese yen is now shedding some earlier gains vs. the US dollar, with USD/JPY approaching the 120.00 handle.
USD/JPY gathering traction on BoJ
The pair is trading closer to the 120.00 mark following the press conference by Governor Kuroda after the steady stance from the Bank of Japan in today’s meeting. Kuroda expects consumer prices to reach the 2% target at some point during the 2015 FY and he ruled out calls pointing to cut the easing programme. He also stress that the economy continues to recover at a moderate pace and business sentiment remains at positive levels, according to the Tankan Survey.
USD/JPY levels to watch
At the moment the pair is retreating 0.31% at 119.91 with the next support at 119.45 (low Apr.7) ahead of 119.39 (Tenkan Sen) and then 118.92 (cloud top). On the flip side, a breakout of 120.62 (61.8% of 122.04-118.33) would expose 121.20 (high Mar.20) and finally 121.41 (high Mar.17).
USD/JPY gathering traction on BoJ
The pair is trading closer to the 120.00 mark following the press conference by Governor Kuroda after the steady stance from the Bank of Japan in today’s meeting. Kuroda expects consumer prices to reach the 2% target at some point during the 2015 FY and he ruled out calls pointing to cut the easing programme. He also stress that the economy continues to recover at a moderate pace and business sentiment remains at positive levels, according to the Tankan Survey.
USD/JPY levels to watch
At the moment the pair is retreating 0.31% at 119.91 with the next support at 119.45 (low Apr.7) ahead of 119.39 (Tenkan Sen) and then 118.92 (cloud top). On the flip side, a breakout of 120.62 (61.8% of 122.04-118.33) would expose 121.20 (high Mar.20) and finally 121.41 (high Mar.17).