18 Feb 2015
USD/JPY approaches daily highs
FXStreet (Córdoba) - USD/JPY climbed back above 119.00 after rebounding at 118.85/95, approaching daily highs. Recently reached 119.31, just a few pips below Asian session highs.
Back to pre BoJ levels
Earlier the Bank of Japan announced that it will maintain the monetary base target and the purchase program at 80 trillion yen, as expected while it mentioned that the economy continued its moderate recovery while exports and production have been picking up. At the press conference, BoJ Governor Kuroda said that the bank will continue with its purchase program as long as it is necessary to achieve the 2% inflation target.
Before the BoJ decision the pair was trading above 119.20 and then retreated, but it has been able to erase losses. Currently strands at 119.25, around the same level it closed yesterday.
USD/JPY technical outlook
According to MacNeil Curry, Head of Global Technical Strategy at Bank of America-Merrill Lynch, the medium-term perspective remains bullish. “Above 120.46 would confirm a resumption of the larger bull trend, targeting 124.16/124.59. Back below 118.00 says all short-term longs should adopt a neutral stance, while it will take a break of 116.15 (Triangle support) to point to a turn in trend.”
Back to pre BoJ levels
Earlier the Bank of Japan announced that it will maintain the monetary base target and the purchase program at 80 trillion yen, as expected while it mentioned that the economy continued its moderate recovery while exports and production have been picking up. At the press conference, BoJ Governor Kuroda said that the bank will continue with its purchase program as long as it is necessary to achieve the 2% inflation target.
Before the BoJ decision the pair was trading above 119.20 and then retreated, but it has been able to erase losses. Currently strands at 119.25, around the same level it closed yesterday.
USD/JPY technical outlook
According to MacNeil Curry, Head of Global Technical Strategy at Bank of America-Merrill Lynch, the medium-term perspective remains bullish. “Above 120.46 would confirm a resumption of the larger bull trend, targeting 124.16/124.59. Back below 118.00 says all short-term longs should adopt a neutral stance, while it will take a break of 116.15 (Triangle support) to point to a turn in trend.”