15 Jul 2015
USD/JPY capped below 123.50 on BOJ – a non-event
FXStreet (Mumbai) - The US dollar continues to trade around a flat line versus the Japanese in the mid-Asian session, keeping USD/JPY steady below 123.50 levels. The major trades muted, showing no reaction to the Bank of Japan (BOJ) unchanged monetary policy decision while the central bank lowered growth forecasts for fiscal 2015.
USD/JPY unmoved on BOJ
Currently, the USD/JPY pair trades modestly flat at 123.45, keeping range post the release of BOJ statement. The major was not affected at all following the release of BOJ monetary policy statement which reveal that the bank has kept its monetary policy setting unadjusted maintaining asset purchase at an annual pace of about 80trn yen.
The yen was unperturbed by BOJ decision versus the US dollar as it turned out to be eventless as widely anticipated amid unstable global financial conditions, although the central bank did mention that ‘growth rate will likely be lower somewhat for fiscal 2015’.
Looking ahead, markets will shift their focus towards Kuroda’s comments at BOJ press conference due at 6.30GMT while tonight’s address from Federal Reserve (Fed) Chair Janet Yellen as she delivers the central bank's Semi-annual Monetary Policy Report. Moreover, markets also await raft of US data flow due later in the US session.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (July 14 High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.26 (Today’s Low) below that at 122.94 (July 2 Low) levels.
USD/JPY unmoved on BOJ
Currently, the USD/JPY pair trades modestly flat at 123.45, keeping range post the release of BOJ statement. The major was not affected at all following the release of BOJ monetary policy statement which reveal that the bank has kept its monetary policy setting unadjusted maintaining asset purchase at an annual pace of about 80trn yen.
The yen was unperturbed by BOJ decision versus the US dollar as it turned out to be eventless as widely anticipated amid unstable global financial conditions, although the central bank did mention that ‘growth rate will likely be lower somewhat for fiscal 2015’.
Looking ahead, markets will shift their focus towards Kuroda’s comments at BOJ press conference due at 6.30GMT while tonight’s address from Federal Reserve (Fed) Chair Janet Yellen as she delivers the central bank's Semi-annual Monetary Policy Report. Moreover, markets also await raft of US data flow due later in the US session.
USD/JPY Technical Levels
To the upside, the next resistance is located 123.73 (July 14 High) levels and above which it could extend gains 123.98 (June 29 High) levels. To the downside immediate support might be located at 123.26 (Today’s Low) below that at 122.94 (July 2 Low) levels.