9 May 2016
USD/JPY through 108.00 on USD bids
The demand for the greenback remains on the rise on Monday, now pushing USD/JPY to print highs above the 108.00 handle.
USD/JPY in 2-week tops
Spot has posted gains in six out of the last seven sessions, including a rebound from multi-month lows in the mid-105.00s on May 3rd following the steady stance by the BoJ and a re-emergence of the buying interest in USD.
Today’s minutes from the last BoJ meeting added no further news, although Japan’s finmin Aso argued the central bank is ready to intervene in the FX markets in case of undesirable high volatility in the currency.
USD/JPY levels to watch
As of writing the pair is advancing 0.85% at 108.03 facing the immediate hurdle at 108.74 (20-day sma) followed by 110.92 (55-day sma) and finally 111.92 (high Apr.28). On the flip side, a breakdown of 105.52 (2016 low May 3) would open the door to 105.18 (monthly low Oct.2014) and then 101.97 (monthly low Aug.7 2014).
USD/JPY in 2-week tops
Spot has posted gains in six out of the last seven sessions, including a rebound from multi-month lows in the mid-105.00s on May 3rd following the steady stance by the BoJ and a re-emergence of the buying interest in USD.
Today’s minutes from the last BoJ meeting added no further news, although Japan’s finmin Aso argued the central bank is ready to intervene in the FX markets in case of undesirable high volatility in the currency.
USD/JPY levels to watch
As of writing the pair is advancing 0.85% at 108.03 facing the immediate hurdle at 108.74 (20-day sma) followed by 110.92 (55-day sma) and finally 111.92 (high Apr.28). On the flip side, a breakdown of 105.52 (2016 low May 3) would open the door to 105.18 (monthly low Oct.2014) and then 101.97 (monthly low Aug.7 2014).