29 Jan 2015
USD/JPY bounces off 117.60
FXStreet (Edinburgh) - The Japanese yen remains on the back footing vs. the US dollar on Thursday, with USD/JPY now hovering over 117.70/75 after a knee-jerk to the 117.60 area.
USD/JPY vigilant on Kuroda’s comments
The pair is extending the upbeat momentum following the testimony by BoJ’s Kuroda before the Diet. He defended the QQE programme, stressing that its benefits are extending to the rest of the economy. Regarding the inflation, prices are rising although the slump in crude oil prices remains a significant drag; he sees prices gathering pace in the second half of 2015/16. He insisted, however, that lower energy prices are positive for the economy, eventually.
USD/JPY key levels
At the moment the pair is up 0.24% at 117.75 with the next resistance at 118.10 (high Jan.29) ahead of 118.28 (high Jan.28) and finally 118.45 (daily cloud top). On the flip side, a breakdown of 117.40 (low Jan.29) would aim for 117.34 (low Jan.27) and then 117.26 (low Jan.26).
USD/JPY vigilant on Kuroda’s comments
The pair is extending the upbeat momentum following the testimony by BoJ’s Kuroda before the Diet. He defended the QQE programme, stressing that its benefits are extending to the rest of the economy. Regarding the inflation, prices are rising although the slump in crude oil prices remains a significant drag; he sees prices gathering pace in the second half of 2015/16. He insisted, however, that lower energy prices are positive for the economy, eventually.
USD/JPY key levels
At the moment the pair is up 0.24% at 117.75 with the next resistance at 118.10 (high Jan.29) ahead of 118.28 (high Jan.28) and finally 118.45 (daily cloud top). On the flip side, a breakdown of 117.40 (low Jan.29) would aim for 117.34 (low Jan.27) and then 117.26 (low Jan.26).