8 Apr 2015
USD/JPY steady in Tokyo ahead of BoJ
FXStreet (Guatemala) - USD/JPY is currently trading at 120.20 with a high of 120.35 and a low of 120.17.
USD/JPY is in positive territory but remains vulnerable in the 120's while the pace of the greenback's recovery this week slows. We have the FOMC minutes coming up today that may reveal a dovish tone, further dampening the US dollar, while from today's domestic calendar from Japan, we have the BoJ decision. While there is no set time as per usual, markets are lined up and prepared for a no change but such a result could with some support for the Yen. Some analysts are expecting there to be some reference to further easing measures, so in this case, this could weigh on the Japanese currency on the other hand. Overall, this is not likely to draw too much attention according to Sean Callow at Westpac Banking Corporation in respect of the semi-annual economic outlook that will be released on the 30th April.
Technically, Karen Jones, chief analyst at Comerzbank noted USD/JPY’s continues to be side-lined below the two month resistance line and the February high at 119.95/120.48, which, together with the late December high at 120.82 should continue to cap. "While this is the case, the 118.11 February 16 low and then the February low at 116.64 will remain in focus."
USD/JPY is in positive territory but remains vulnerable in the 120's while the pace of the greenback's recovery this week slows. We have the FOMC minutes coming up today that may reveal a dovish tone, further dampening the US dollar, while from today's domestic calendar from Japan, we have the BoJ decision. While there is no set time as per usual, markets are lined up and prepared for a no change but such a result could with some support for the Yen. Some analysts are expecting there to be some reference to further easing measures, so in this case, this could weigh on the Japanese currency on the other hand. Overall, this is not likely to draw too much attention according to Sean Callow at Westpac Banking Corporation in respect of the semi-annual economic outlook that will be released on the 30th April.
Technically, Karen Jones, chief analyst at Comerzbank noted USD/JPY’s continues to be side-lined below the two month resistance line and the February high at 119.95/120.48, which, together with the late December high at 120.82 should continue to cap. "While this is the case, the 118.11 February 16 low and then the February low at 116.64 will remain in focus."