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USD/JPY: Kuroda presser underway, hovers around hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/JPY pair is finding support at the hourly 200-MA at 121.86, but is having a tough time rising above 122.00 amid Kuroda’s comments on policy and the economy.

    Kuroda repeats script

    Kuroda, at the press conference, offered nothing new to the markets and reiterated the positive cycle in the economy is intact. Regarding the extension of the maturity of the JGB purchases, the governor said it is being done to ensure smooth purchases under QQE.

    With nothing significant coming out of the presser so far, the pair is left on its own between the hourly 200-MA at 121.86 and 122.12 (61.8% of 125.856-116.082).

    USD/JPY Technical Levels

    The immediate resistance is seen at 122.12 (61.8% of 125.856-116.082), above which the pair could rise to 122.87 (previous day’s high). A break higher would expose the daily high of 123.57. On the other hand, a break below 121.86 (hourly 200-MA) would expose the support zone of 121.77-121.59 (50-DMA, 100-DMA and 200-DMA). A break lower would open doors for a drop to 121.00 handle.
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