USD/JPY regains 102.60

FXStreet (Edinburgh) - After briefly touching 102.30, the USD/JPY was able to pick up pace and revert almost completely the initial decline.

USD/JPY higher after Kuroda

The Japanese yen gathered steam after the BoJ left its policy intact in today’s meeting, broadly in line with market expectations. However, the subsequent press conference by Governor Kuroda saw the JPY lose ground as he left the door open for further easing should downside risks in the inflation outlook re-emerge. “Despite pulling back from the overnight high of 102.79, the outlook for this pair is still positive for today. However, weak upward momentum suggests any further gains will likely struggle near the next resistant at 102.85. Strong support is at 102.30”, noted Quek Ser Leang, Market Strategist at UOB Group.

USD/JPY significant levels

The pair is now losing 0.05% at 102.58 with the immediate support at 102.04 (low Apr.28) ahead of 101.96 (low Apr.25) and finally 101.86 (low Apr.17). On the upside, a break above 102.65 (high Apr.30) would aim for 102.79 (high Apr.29) and then 102.84 (daily cloud top).