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15 Jan 2015
Yen slips versus USD on Kuroda’s comments, retests 118
FXStreet (Mumbai) - USD/JPY climbed higher in the early European morning, extending gains from the Asian session on Bank of Japan (BoJ) Governor Haruhiko Kuroda's comments on QQE.
Currently, the USD/JPY pair traded at 117.90, up 0.48% on the day, close to the intraday high of 117.94 posted an hour ago. The yen fell further against the greenback as BOJ Kuroda backed Japan’s monetary easing program (QQE), stating that the easing will continue in order to achieve the 2% inflation target. The Governor also mentioned that the QQE program has worked on the economy and that Japan continues to recover moderately.
Meanwhile, traders will closely watch the BoJ meeting scheduled for next week for further cues on BOJ’s easing stance.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118 levels and above which it could extend gains 118.52 (10-DMA) levels. To the downside immediate support might be located at 117.22 (Nov 27 Low) levels, below that at 117 levels.
Currently, the USD/JPY pair traded at 117.90, up 0.48% on the day, close to the intraday high of 117.94 posted an hour ago. The yen fell further against the greenback as BOJ Kuroda backed Japan’s monetary easing program (QQE), stating that the easing will continue in order to achieve the 2% inflation target. The Governor also mentioned that the QQE program has worked on the economy and that Japan continues to recover moderately.
Meanwhile, traders will closely watch the BoJ meeting scheduled for next week for further cues on BOJ’s easing stance.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118 levels and above which it could extend gains 118.52 (10-DMA) levels. To the downside immediate support might be located at 117.22 (Nov 27 Low) levels, below that at 117 levels.