22 Jan 2014
USD/JPY off highs near 104.30
FXstreet.com (Edinburgh) - The Japanese yen is now recovering some ground lost to the greenback during the Asian session, dragging the USD/JPY to the vicinity of 104.20 from peaks near 104.60.
USD/JPY calmer post-BoJ meeting
The BoJ reiterated its monetary policy stance in today’s meeting, stressing at the same time that the domestic economy keeps the recovery on track, although it lowered its GDP growth forecast for 2014 to 1.4% from 2.7% in 2013. Emmanuel Ng, Strategist at OCBC Bank, commented, “the pair may continue to orbit in the vicinity of the 104.00 level, although the background chatter going surrounding the Fed taper may keep support visible on dips towards 103.85”.
USD/JPY support/resistance levels
The pair is now losing 0.05% at 104.29 and a breakdown of 103.97 (low Jan.22) would open the door to 103.87 (low Jan.20) and then 103.00 (low Jan.14). On the upside, the initial hurdle lines up at 104.75 (High Jan.21) ahead of 104.92 (high Jan.16) and finally 105.00 (psychological level).
USD/JPY calmer post-BoJ meeting
The BoJ reiterated its monetary policy stance in today’s meeting, stressing at the same time that the domestic economy keeps the recovery on track, although it lowered its GDP growth forecast for 2014 to 1.4% from 2.7% in 2013. Emmanuel Ng, Strategist at OCBC Bank, commented, “the pair may continue to orbit in the vicinity of the 104.00 level, although the background chatter going surrounding the Fed taper may keep support visible on dips towards 103.85”.
USD/JPY support/resistance levels
The pair is now losing 0.05% at 104.29 and a breakdown of 103.97 (low Jan.22) would open the door to 103.87 (low Jan.20) and then 103.00 (low Jan.14). On the upside, the initial hurdle lines up at 104.75 (High Jan.21) ahead of 104.92 (high Jan.16) and finally 105.00 (psychological level).