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15 May 2015
USD/JPY breaks above 119.50
FXStreet (Mumbai) - The US dollar regained momentum and extends gains against the Japanese yen in the early European trades, with USD/JPY finally surpassing 119.50, largely on the solid recovery seen in the US dollar against its major rivals, moving away from fresh three month lows reached yesterday.
USD/JPY hits session highs above 119.50
Currently, the USD/JPY pair trades higher by 0.29% at 119.51, hovering close to fresh session highs posted at 119.54. USD/JPY climbed higher largely as the a fresh bid wave caught the US dollar across the board driving the DXY higher to the tune of 0.19% at 93.59 session highs.
Moreover, the pair remained unperturbed by BOJ Kuroda’s speech, delivered in the Asian session. Kuroda notes, “BOJ won't hesitate to adjust monetary policy if price trend changes, warrants action to hit 2% inflation. Japan's price trend is improving steadily. Prices to move in line with boj's commitment to achieve price target at earliest date possible with time frame of around 2 years. There is no doubt that inflation expectations have risen due to QQE.”
On the macroeconomic front, a host of US economic data are in store to be released later in the US session, which may direct further moves on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.63 (50-DMA) levels and above which it could extend gains 119.80 levels. To the downside immediate support might be located at119 below that at 118.86 (May 14 Low) levels.
USD/JPY hits session highs above 119.50
Currently, the USD/JPY pair trades higher by 0.29% at 119.51, hovering close to fresh session highs posted at 119.54. USD/JPY climbed higher largely as the a fresh bid wave caught the US dollar across the board driving the DXY higher to the tune of 0.19% at 93.59 session highs.
Moreover, the pair remained unperturbed by BOJ Kuroda’s speech, delivered in the Asian session. Kuroda notes, “BOJ won't hesitate to adjust monetary policy if price trend changes, warrants action to hit 2% inflation. Japan's price trend is improving steadily. Prices to move in line with boj's commitment to achieve price target at earliest date possible with time frame of around 2 years. There is no doubt that inflation expectations have risen due to QQE.”
On the macroeconomic front, a host of US economic data are in store to be released later in the US session, which may direct further moves on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.63 (50-DMA) levels and above which it could extend gains 119.80 levels. To the downside immediate support might be located at119 below that at 118.86 (May 14 Low) levels.