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USD/JPY pushes higher near 118.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/JPY is now facing some volatility following comments by BoJ H.Kuroda, navigating in the upper band of the range near 118.50.

    USD/JPY firmer ahead of US releases

    Rallying crude oil prices and a better tone from equity markets keep weighing on the Japanese currency at the end of the week, sending spot higher and through the 118.00 handle for the first time in several days.

    The greenback is deriving further support from today’s positive performance of US Treasuries, all ahead of US Existing Home Sales, CB’s Leading Index and Markit’s manufacturing PMI.

    BoJ Governor H.Kuroda was on the wires earlier, arguing that the inflation target could be reached by H2 FY2016, while the central bank remains vigilant on global conditions.

    USD/JPY levels to watch

    The pair is now advancing 0.74% at 118.36 facing the next hurdle at 118.88 (38.2% Fibo of 123.60-115.96) ahead of 120.67 (high Dec.29) and then 120.95 (55-day sma). On the other hand, a breach of 115.96 (low Jan.19) would aim for 115.82 (low Jan.15 2015) and finally 115.56 (low Dec.15 2014).
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