USD/JPY Chart wednesday

USD/JPY

The USDJPY went back and forth during the day on yesterday forming a hammer again. Because of this, the market looks as if it is completely supported below, probably finding a bit of a floor at the 120 level. With that, we believe that we can find buying opportunities every time it dips. We recognize that eventually we will break out to the upside, and once we do so,

USD/JPY: Yen hits fresh highs below 121.30 on BOJ Kuroda’s comments

[USD/JPY] Forex Investor Tips-

USD/JPY falls from below 121.37 levels

Currently, the USD/JPY traded unchanged at 121.34, quickly recovering from session lows posted at 121.29 post Kuroda’s comments. The yen strengthened to fresh session highs against the greenback post BOJ Kuroda’s speech which seems to be pro-yen as Kuroda seems optimistic on the overall Japanese economic recovery with wages expected to increase, price trend increasing steadily and indicators of consumer sentiment turning more positive.

Earlier in the session, USD/JPY remained unperturbed by BOJ’s policy decision as markets had widely anticipated that BOJ would keep its monetary policy unchanged. Meanwhile, traders now await US macro data later in the day for further momentum on the pair.

USD/JPY Technical Levels

To the upside, the next resistance is located at 121.67 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.24 (20-DMA) levels.