11 Jun 2015
USD/JPY drops below 123.00
FXStreet (Mumbai) - The Japanese Yen is slowly recovering the lost ground, taking the USD/JPY pair below 123.00 levels after having faced rejection at 123.17 levels earlier today.
Yen still bearish after Kuroda comments?
The Japanese Yen strengthened across the board on Wednesday after BOJ’s Kuroda expressed a loss possibility of further depreciation in the Yen’s REER. However, investment banks still believe the bullishness in the pair remains intact despite Kuroda’s comments. Analysts at Nomura believe, “The BOJ has no choice but to continue its current QQE program until it achieves its 2% inflation target. It is still premature for the BOJ to start tapering, and Kuroda’s comment is not likely to change this.”
Ahead in the day, the pair could be influenced by the US weekly jobless claims data and monthly advance retail sales data.
USD/JPY Technical Levels
The pair currently trades at 122.96. The immediate support is seen at 123.76 followed by another support at 122.44. On the other hand, immediate resistance is located at 123.48 and 124.06 (5-DMA).
Yen still bearish after Kuroda comments?
The Japanese Yen strengthened across the board on Wednesday after BOJ’s Kuroda expressed a loss possibility of further depreciation in the Yen’s REER. However, investment banks still believe the bullishness in the pair remains intact despite Kuroda’s comments. Analysts at Nomura believe, “The BOJ has no choice but to continue its current QQE program until it achieves its 2% inflation target. It is still premature for the BOJ to start tapering, and Kuroda’s comment is not likely to change this.”
Ahead in the day, the pair could be influenced by the US weekly jobless claims data and monthly advance retail sales data.
USD/JPY Technical Levels
The pair currently trades at 122.96. The immediate support is seen at 123.76 followed by another support at 122.44. On the other hand, immediate resistance is located at 123.48 and 124.06 (5-DMA).