22 May 2015
USD/JPY teasing on psychological 121 handle ahead of BoJ
FXStreet (Guatemala) - USD/JPY is currently trading at 121.03 with a high of 121.10 and a low of 121.00.
USD/JPY is sitting on the 121 handle teasing both bulls and bears at this psychological make or breakpoint. We await the Bank of Japan monetary policy and BoJ press conference. Although the markets have not been expecting this to be a surprise full event, we will be listening for the put come and certainly in respect to the Bank's assessment of the underlying inflation trend.
Bank of Japan monetary policy coming up
"The BoJ rate decision this week should be a non-event as it was barely a month ago that the last meeting was held. BoJ watching will become more interesting in the summertime when we should start to see the follow-through of wage and traded goods inflation following the annual spring negotiations. " - explained analysts at TD Securities
Technically the major continues to struggle on the 121 and 120 handles. There is a lack of conviction on the bid and we remains thus focused on the levels to the downside as the risk again. These come as 120.80, 120.00/40, 119.00/42 and the 118.80 level come as supports before 118.30, 117.80 and the well defined 116 level.
USD/JPY is sitting on the 121 handle teasing both bulls and bears at this psychological make or breakpoint. We await the Bank of Japan monetary policy and BoJ press conference. Although the markets have not been expecting this to be a surprise full event, we will be listening for the put come and certainly in respect to the Bank's assessment of the underlying inflation trend.
Bank of Japan monetary policy coming up
"The BoJ rate decision this week should be a non-event as it was barely a month ago that the last meeting was held. BoJ watching will become more interesting in the summertime when we should start to see the follow-through of wage and traded goods inflation following the annual spring negotiations. " - explained analysts at TD Securities
Technically the major continues to struggle on the 121 and 120 handles. There is a lack of conviction on the bid and we remains thus focused on the levels to the downside as the risk again. These come as 120.80, 120.00/40, 119.00/42 and the 118.80 level come as supports before 118.30, 117.80 and the well defined 116 level.