USD/JPY near 110 unlikely to lead BoJ to act, says Ryan Littlestone, Director and Trading Analyst for Forex Live, as he shares the technical outlook for the forex pair, when joined by Zak Mir, Technical Analyst for ZaksTradersCafe, on the Tip TV Finance Show.
Key Points
"USD/JPY down near the 110 level, whether it is enough to bring the BoJ out firing don't think so yet" - Littlestone
USD/JPY at 111 level was strong throughout the year. The pair finds itself in the range each time after it sees a big move.
" 110 the line in the sand, keep it tight when buying dips, support should hold" - Littlestone
110 is a strong support for USD/JPY, falling below this might see additional losses, and might even trigger BoJ action if volatility increases.
"USD/JPY - Too much in the US side of the trade to go much lower than 100, anything is possible though and if 110 breaks we will be on our way" – Littlestone
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