USD/JPY: Ranging within familiar levels

The USD/JPY pair continues to trade just below the 109.00 mark, although holding on to weekly gains. The greenback remains generally weak, as investors still favour high-yielding equities, FXStreet’s Chief Analyst Valeria Bednarik briefs.

Key quotes

“BOJ’s Governor Kuroda was on the wires during the Asian session, remarking the economic uncertainty related to the ongoing coronavirus crisis. As expected, he added that policymakers won’t hesitate to add easing if necessary.”

“The US will publish today initial jobless claims for the week ended March 27, expected once again in the millions.”

“In the 4-hour chart, USD/JPY is just below converging 20 and 100 SMA, while the Momentum indicator flat at around its 100 level. The RSI eases, but also stands around its mid-line.” 

“The main resistance is 109.38 the weekly high, while the downside will remain limited as long as the price holds above 108.25.”