19 Dec 2014
Yen gives up partial losses on BOJ Governor Comments
FXStreet (Mumbai) - The Japanese yen moved away from day low levels against the US dollar as Bank of Japan (BOJ) Governor Haruhiko Kuroda's speaks during the press conference.
USD/JPY trades 119.25 levels, higher 0.34%, on the day, after having hit day’s high at 119.47 levels after the BoJ announced no policy adjustments. The BOJ Governor at the press conference stated that “inflation expectations are rising in the long term; CPI likely around 2% target around FY2015, while stating that shift from the deflationary mindset will continue. He also added that “weak Yen helps boost profits for global companies; although it weighs on household, companies”. Markets perceived his comments as slightly positive for the Japanese economy.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.92 (Dec 10 High) levels and above which it could extend gains to 121 (Dec 9 High) levels. To the downside immediate support might be located at 119.25 (5-day SMA), below that at 119.09 (10-day SMA) levels.
USD/JPY trades 119.25 levels, higher 0.34%, on the day, after having hit day’s high at 119.47 levels after the BoJ announced no policy adjustments. The BOJ Governor at the press conference stated that “inflation expectations are rising in the long term; CPI likely around 2% target around FY2015, while stating that shift from the deflationary mindset will continue. He also added that “weak Yen helps boost profits for global companies; although it weighs on household, companies”. Markets perceived his comments as slightly positive for the Japanese economy.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.92 (Dec 10 High) levels and above which it could extend gains to 121 (Dec 9 High) levels. To the downside immediate support might be located at 119.25 (5-day SMA), below that at 119.09 (10-day SMA) levels.