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USD/JPY: off lows after Kuroda’s comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD/JPY pair recovered slightly from the session low after BOJ’s Kuroda said negative rates will stay as long as needed to reach inflation goal.

    Hovers around 10-DMA

    The currency pair hovers around 10-DMA level of 113.44 after having clocked a session low of 113.22. Bank of Japan left key policy tools unchanged today as widely expected. However, BOJ’s Kuroda, during his press conference, said negative rates would continue as long as needed to reach inflation goal.

    Yen, thus trimmed gains, but remains well bid on signs of risk-off in the equity markets. Ahead of the US advance retail sales report, the spot is at the mercy of the overall market sentiment.

    USD/JPY Technical Levels

    The immediate hurdle is seen at 114.00 (previous day’s high), which if breached could see the spot test supply at 114.26 (Mar 4 high) and 114.48 (23.6% of 125.86-110.97). On the other hand, a breakdown of immediate support at 113.22 (daily low) could see the spot test 112.75 (Mar 11 low) and 112.22 (Mar 9 low).
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