17 Mar 2015
USD/JPY: Yen hits fresh highs below 121.30 on BOJ Kuroda’s comments
FXStreet (Mumbai) - USD/JPY dropped to fresh lows ahead of Europe open, as the yen strengthened versus its US counterpart reacting to the Bank of Japan’s (BOJ) Governor Kuroda’s positive comments at the BOJ press conference.
USD/JPY falls from below 121.37 levels
Currently, the USD/JPY traded unchanged at 121.34, quickly recovering from session lows posted at 121.29 post Kuroda’s comments. The yen strengthened to fresh session highs against the greenback post BOJ Kuroda’s speech which seems to be pro-yen as Kuroda seems optimistic on the overall Japanese economic recovery with wages expected to increase, price trend increasing steadily and indicators of consumer sentiment turning more positive.
Earlier in the session, USD/JPY remained unperturbed by BOJ’s policy decision as markets had widely anticipated that BOJ would keep its monetary policy unchanged. Meanwhile, traders now await US macro data later in the day for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.67 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.24 (20-DMA) levels.
USD/JPY falls from below 121.37 levels
Currently, the USD/JPY traded unchanged at 121.34, quickly recovering from session lows posted at 121.29 post Kuroda’s comments. The yen strengthened to fresh session highs against the greenback post BOJ Kuroda’s speech which seems to be pro-yen as Kuroda seems optimistic on the overall Japanese economic recovery with wages expected to increase, price trend increasing steadily and indicators of consumer sentiment turning more positive.
Earlier in the session, USD/JPY remained unperturbed by BOJ’s policy decision as markets had widely anticipated that BOJ would keep its monetary policy unchanged. Meanwhile, traders now await US macro data later in the day for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.67 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.24 (20-DMA) levels.