28 Jan 2015
USD/JPY visiting lows on ‘patient’ Fed
FXStreet (Edinburgh) - USD/JPY accelerated its decline following the FOMC statement on Wednesday, sending USD/JPY to test the lower bound of the range near 117.60.
USD/JPY down from 118.30
The renewed appreciation of the Japanese yen kept spot depressed today, coming down from opening levels in the 118.30 neighbourhood. Today’s statement from the Fed demonstrated once again that the Committee remains ‘patient’ regarding the start of the hiking cycle in the US economy, adding that consumer prices could slip further in the near term, although the trend would gradually revert towards the 2% target in the longer run. It also said that the domestic economy is ‘expanding at a solid pace’ and the job growth is ‘strong’.
Next of note in the Japanese docket, Foreign Bond Investment and Retail Trade figures are due.
USD/JPY relevant levels
At the moment USD/JPY is losing 0.05% at 117.72 with the next support at 117.34 (low Jan.27) followed by 117.26 (low Jan.26) and then 117.18 (low Jan.21). On the upside, a breakout of 118.28 (high Jan.28) would expose 118.45 (daily cloud top) and finally 118.66 (high Jan.27).
USD/JPY down from 118.30
The renewed appreciation of the Japanese yen kept spot depressed today, coming down from opening levels in the 118.30 neighbourhood. Today’s statement from the Fed demonstrated once again that the Committee remains ‘patient’ regarding the start of the hiking cycle in the US economy, adding that consumer prices could slip further in the near term, although the trend would gradually revert towards the 2% target in the longer run. It also said that the domestic economy is ‘expanding at a solid pace’ and the job growth is ‘strong’.
Next of note in the Japanese docket, Foreign Bond Investment and Retail Trade figures are due.
USD/JPY relevant levels
At the moment USD/JPY is losing 0.05% at 117.72 with the next support at 117.34 (low Jan.27) followed by 117.26 (low Jan.26) and then 117.18 (low Jan.21). On the upside, a breakout of 118.28 (high Jan.28) would expose 118.45 (daily cloud top) and finally 118.66 (high Jan.27).