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    USD/JPY keeps falling post-BOJ’s inaction, 104 eyed Dhwani Mehta

    The offered tone surrounding USD/JPY keeps growing bigger as we head into the early European trading, with the BOJ steady policy keeping the JPY bulls completely in charge.USD/JPY eyes Sept 2014 lows at 104.03A renewed selling wave hit the USD/JPY pair last minutes, sending the rate further south towards 104 handle as European traders hit their desks and react to the Fed’s as well as BOJ’s unchanged interest rates decision. At the time of writing, USD/JPY sinks -1.72% to the lowest levels since Sept 2014 at 104.14.Further, extended sell-off in the Asian markets, particularly the Japanese stocks, adds to the downbeat sentiment around the major. The Nikkei 225 index slumps -2.77% on BOJ’s inaction, as markets were expecting BOJ to announce further easing measures.Markets now await BOJ Governor Kuroda’s press conference scheduled ahead of the European open, while the US CPI report coupled with jobless claims and Philly Fed manufacturing data will be watched later in the NA session.USD/JPY Technical levels to watchIn terms of technicals , the immediate resistance is located at 105.65 (pre-BOJ levels). A break above the last, the major could test 106 (round number). While to the downside, the immediate support is seen at 104.03 (Sept 2014 low) and below that at 103.50 (Multi-year low). 

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