19 Jun 2015
USD/JPY firmer above 123, BOJ Kuroda’s speech eyed
FXStreet (Mumbai) - The US dollar edged higher versus the Japanese yen in the late Asian/early European trades, now pushing USD/JPY beyond 123 handle. The major defends mild gains largely on the back of a rebound seen in the US dollar as traders continue to cheer the recent series of upbeat US macro releases.
USD/JPY awaits BOJ presser
Currently, the USD/JPY pair trades 0.11% higher at 123.09, retreating from session lows of 122.83 reached in early Asia. The USD/JPY pair retains gains post Bank of Japan’s (BOJ) unchanged monetary policy stance and remains near session highs on renewed broad based US dollar strength. The US dollar index, the virtual gauge of the greenback’s strength, trades 0.12% at fresh session highs of 94.33.
The major regained 123 handle as the yen reversed the brief spike to the upside as markets evaluate the status quo stance by the BOJ. BOJ statement reiterated that Japan's economy continues to recover moderately and the price trends is seen increasing in a longer-term perspective.
Meanwhile, markets now await BOJ’s Governor Kuroda’s comments at the BOJ presser on the exchange rate, especially after his recent remarks on the yen, which caused nearly 200 pips stir in USD/JPY which pulled back the Japanese currency from 13-yr slump.
USD/JPY Technical Levels
To the upside, the next resistance is located at 123.58 (June 18 High) levels and above which it could extend gains 123.79 (June 16 High) levels. To the downside immediate support might be located at 122.49 (June 18 Low) below that at 122 levels.
USD/JPY awaits BOJ presser
Currently, the USD/JPY pair trades 0.11% higher at 123.09, retreating from session lows of 122.83 reached in early Asia. The USD/JPY pair retains gains post Bank of Japan’s (BOJ) unchanged monetary policy stance and remains near session highs on renewed broad based US dollar strength. The US dollar index, the virtual gauge of the greenback’s strength, trades 0.12% at fresh session highs of 94.33.
The major regained 123 handle as the yen reversed the brief spike to the upside as markets evaluate the status quo stance by the BOJ. BOJ statement reiterated that Japan's economy continues to recover moderately and the price trends is seen increasing in a longer-term perspective.
Meanwhile, markets now await BOJ’s Governor Kuroda’s comments at the BOJ presser on the exchange rate, especially after his recent remarks on the yen, which caused nearly 200 pips stir in USD/JPY which pulled back the Japanese currency from 13-yr slump.
USD/JPY Technical Levels
To the upside, the next resistance is located at 123.58 (June 18 High) levels and above which it could extend gains 123.79 (June 16 High) levels. To the downside immediate support might be located at 122.49 (June 18 Low) below that at 122 levels.