8 Apr 2015
USD/JPY slips below 120, BOJ Kuroda comments eyed
FXStreet (Mumbai) - USD/JPY dived deeper into red in the late-Asian, losing 120 handle as traders continue to evaluate Bank of Japan’s (BOJ) monetary policy statement with all eye on the BOJ press conference for Governor Kuroda comments due later shortly.
USD/JPY hover around 50-DMA
Currently, the USD/JPY pair trades -0.40% lower at 119.84 levels, retreating from fresh session lows posted at 119.78 some minutes ago. The USD/JPY pair edged lower in a delayed reaction to the BOJ unchanged monetary policy stance as markets weigh BOJ’s wait and watch approach in a bid to assess the impact of current stimulus measures on accelerating inflation towards the bank's 2% target rate.
BOJ made no changes to its monetary policy settings with no new surprises, reiterating the same tune that Japanese economy is likely to continue moderate recovery and consumer inflation hovers around zero percent excluding effect of sales tax hike.
Meanwhile, traders now await BOJ Governor Kuroda’s comments at BOJ press conference due shortly for fresh cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.32 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.50 (5-DMA) below that at 119.22 (100-DMA) levels.
USD/JPY hover around 50-DMA
Currently, the USD/JPY pair trades -0.40% lower at 119.84 levels, retreating from fresh session lows posted at 119.78 some minutes ago. The USD/JPY pair edged lower in a delayed reaction to the BOJ unchanged monetary policy stance as markets weigh BOJ’s wait and watch approach in a bid to assess the impact of current stimulus measures on accelerating inflation towards the bank's 2% target rate.
BOJ made no changes to its monetary policy settings with no new surprises, reiterating the same tune that Japanese economy is likely to continue moderate recovery and consumer inflation hovers around zero percent excluding effect of sales tax hike.
Meanwhile, traders now await BOJ Governor Kuroda’s comments at BOJ press conference due shortly for fresh cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.32 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.50 (5-DMA) below that at 119.22 (100-DMA) levels.