20 Feb 2015
USD/JPY: Yen gains on BOJ Kuroda’s comments
FXStreet (Mumbai) - The yen stood resilient against the US dollar during the European session after the Bank of Japan (BOJ) Governor Kuroda’s told the country's parliament that the QQE program is posing no threat to the bond markets.
USD/JPY supported on risk-off trades
Currently, the USD/JPY trades lower by 118.70 levels, having posted fresh session lows at 118.58 and day’s high at 119.09. The pair hovers around session lows the yen held on to gains versus the US dollar amid Greek uncertainties, boosting the safe-haven bids for the yen, despite a broadly stronger greenback.
Moreover, yen received support against the US dollar from BOJ’s Kuroda’s comments while addressing the country’s parliament, stating that the central bank's monetary policy is not causing any harm to the nation's bond market. The comments for the Central Bank’s Governor provided assurances and calmed markets concerns over the negative impacts of Japan’s ultra massive QQE program.
Meanwhile, traders closely monitor developments from the Euro group meeting for fresh incentives on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.08 (10-DMA) levels and above which it could extend gains 119.20 levels. To the downside immediate support might be located at 118.51 (20-DMA) levels, below that at 118 levels.
USD/JPY supported on risk-off trades
Currently, the USD/JPY trades lower by 118.70 levels, having posted fresh session lows at 118.58 and day’s high at 119.09. The pair hovers around session lows the yen held on to gains versus the US dollar amid Greek uncertainties, boosting the safe-haven bids for the yen, despite a broadly stronger greenback.
Moreover, yen received support against the US dollar from BOJ’s Kuroda’s comments while addressing the country’s parliament, stating that the central bank's monetary policy is not causing any harm to the nation's bond market. The comments for the Central Bank’s Governor provided assurances and calmed markets concerns over the negative impacts of Japan’s ultra massive QQE program.
Meanwhile, traders closely monitor developments from the Euro group meeting for fresh incentives on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.08 (10-DMA) levels and above which it could extend gains 119.20 levels. To the downside immediate support might be located at 118.51 (20-DMA) levels, below that at 118 levels.