Japan’s Amari to step down, USD/JPY unperturbed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/JPY pair moved a couple of pips here and there but remains largely unaffected by Japan’s economic minister Amari’s plan to step down.

    Hovers around 118.80

    The spot remains around 118.80 with investors cautious ahead of the Bank of Japan rate decision due tomorrow. The market believes the bank is under pressure to do more; given the JPY strength, low inflation and financial market instability.

    Later in the day, the US data – durable goods orders, weekly jobless claims, and housing data – could influence the demand for the US dollars.

    USD/JPY Technical Levels

    The immediate resistance is seen at 118.88 (Jan 22 high), above which the spot could target the major hurdle at 119.75 (38.2% of May 2015 high-Jan 2016 low). On the other hand, a break below 118.30 (23.6% of May 2015 high-Jan 2016 low) could see the pair drop to 117.20 (Jan 8 low).
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