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USD/JPY challenges 119.00 on Kuroda

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Japanese yen is posting decent gains vs. its American counterpart at the end of the week, with USD/JPY hovering over the 119.00 area.

    USD/JPY unchanged on Kuroda

    While market participants seem to have now digested yesterday’s higher CPI figures in the US economy, the pair paid little attention to Governor Kuroda’s press conference today, where he reiterated the good pace of the economic recovery, and insisted in that the central bank will keep its easing stance until consumer prices could stabilize around the 2% target.

    Nothing worth mentioning data wise in Japan, while Industrial Production, Capacity Utilization and the confidence gauge by the Reuters/Michigan index are all due in the US calendar.

    USD/JPY relevant levels

    At the moment the pair is advancing 0.19% at 119.11 and the immediate resistance lines up at 120.05 (38.2% Fibo of 125.86-116.46) followed by 120.89 (200-day sma) and then 121.15 (55-day sma). On the flip side, a breach of 118.68 (23.6% Fibo of 125.86-116.46) would aim for 116.16 (low post PBoC move Aug.24) and finally 115.82 (ytd low Jan.15).
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