8 Apr 2015
USD/JPY breaths on the 120 handle again post FOKMC minutes
FXStreet (Guatemala) - USD/JPY is currently trading at 120.03 with a high of 120.35 and a low of 119.63.
USD/JPY has been placed back on to the 120 handle post a hawkish set of FOMC minutes. The minutes revealed that the committee were split in respect to timings of a rate hike, and several members of the committee in fact favoured a hike sooner than later which brings June back to the table as a possibility, boosting the greenback across the board.
The Yen on the other hand could come under pressure in its own right based up on the BoJ's outlook yesterday and speculation mounting that further easing measures will be required as the 2% reflation target that Abe has proposed may not be reached as son as there targeted timings in 2016.
USD/JPY remains in recent ranges
Technically, the pair has some way to go yet on the 120 handle to meet yesterday's highs at circa the mid point of the handle. There are a number of key technical levels to cross before another range can be entered in this range bound major. We remain between the 118.11 February 16 low and then the February low at 116.64 as supports while 120.37/48 recent highs ahead of the late December high at 120.82 cme as the current range's resistance.
USD/JPY has been placed back on to the 120 handle post a hawkish set of FOMC minutes. The minutes revealed that the committee were split in respect to timings of a rate hike, and several members of the committee in fact favoured a hike sooner than later which brings June back to the table as a possibility, boosting the greenback across the board.
The Yen on the other hand could come under pressure in its own right based up on the BoJ's outlook yesterday and speculation mounting that further easing measures will be required as the 2% reflation target that Abe has proposed may not be reached as son as there targeted timings in 2016.
USD/JPY remains in recent ranges
Technically, the pair has some way to go yet on the 120 handle to meet yesterday's highs at circa the mid point of the handle. There are a number of key technical levels to cross before another range can be entered in this range bound major. We remain between the 118.11 February 16 low and then the February low at 116.64 as supports while 120.37/48 recent highs ahead of the late December high at 120.82 cme as the current range's resistance.