19 Feb 2015
USD/JPY: Sub 119 on the back of FOMC minutes; steady on Tokyo open
FXStreet (Guatemala) - USD/JPY is currently trading at 118.70 in the open of Tokyo with a high of 118.80 and a low of 118.63.
Yesterday, the BoJ kept the policy unchanged and reaffirmed its commitment to boost the monetary base at an annual pace of Yen80tn, as expected. Today, overnight, USD/JPY bears jumped on the greenbacks weakness today after the FOMC Minutes that came out as neutral from a data dependant Fed. The pair moved down through the 119.00 level and scored a low of 118.53 before picking up demand to 118.78 in the US and touching the resistance at 118.80 in Asia.
Karen Jones, chief analyst at Commerzbank explained that, for now, her team will give the upside the benefit of the doubt while above the 118.33 4 month uptrend. "Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. The 122.45 level will be our target for now while above 118.05. Below the market the 4 month uptrend at 118.05 guards the 116.14 support line."
Yesterday, the BoJ kept the policy unchanged and reaffirmed its commitment to boost the monetary base at an annual pace of Yen80tn, as expected. Today, overnight, USD/JPY bears jumped on the greenbacks weakness today after the FOMC Minutes that came out as neutral from a data dependant Fed. The pair moved down through the 119.00 level and scored a low of 118.53 before picking up demand to 118.78 in the US and touching the resistance at 118.80 in Asia.
Karen Jones, chief analyst at Commerzbank explained that, for now, her team will give the upside the benefit of the doubt while above the 118.33 4 month uptrend. "Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. The 122.45 level will be our target for now while above 118.05. Below the market the 4 month uptrend at 118.05 guards the 116.14 support line."