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USD/JPY little changed on BOJ’s Kuroda, around 123.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - USD/JPY extends its range-trade into early Europe, with the Japanese yen paying little heed to the comments from BOJ Governor Kuroda as he speaks at the press conference.

    USD/JPY bounces-off hourly 200-SMA

    Currently, the USD/JPY pair trades -0.28% lower at 123.29, stalling its post-BOJ recovery near 123.33 region. The major is seen oscillating in a narrow range over the past couple of hours, having found fresh bids near the hourly 200-SMA at 123.09.

    The BOJ Governor Kuroda’s comments had negligible impact on the pair, as he delivered nothing new in his speech. The central bank head reiterated that he sees moderate pace of economic recovery while noting that the ‘inflation expectations appear to be rising on the whole from long-term perspective’. Although he stressed on the need to monitor capex in wake of China slowdown fears.

    Moreover, the USD/JPY pair remains in the red on broad based US dollar weakness in response to Wednesday’s FOMC minutes, which came in line with the last month’s Fed decision.

    Data-wise, Japan's trade balance swung back in surplus by JPY111.5 billion in October after recording a deficit of JPY114.5 billion in Sept, which also supports the upside in the yen. Looking ahead, markets will now await the US economic release for fresh cues on the pair.

    USD/JPY Technical levels to watch

    The price clings to 123 handle and now faces immediate resistance at 123.75 (Nov 18 High). A break above the last, the major could test 124.17 (Aug 20 High). To the downside, the immediate support in sight at 123.17/14 (5-DMA/ Nov 17 Low) below which 123.03 (10-DMA) would be tested.
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