USD/JPY: Break above 109.30/40 to leave the 110.00 psychological level in play – OCBC
|USD/JPY was last seen trading at daily highs above the 109.30 level. A break above the 109.30/40 is set to pave the way towards the 110.00 psychological level, economists at OCBC Bank appraise.
Key quotes
“The BoJ has no plans to reduce ETF buying, suggesting that it retains a dovish leaning despite widening the YCC tolerance band.”
The USD/JPY has rebounded back above the 109.00 resistance, leaving the 109.30/40 March highs back into view.”
“Note that the short-term implied valuations have moved higher in line with spot, leaving us more convinced of the sustainability of this run higher in the pair.”
“A breach of 109.30/40 leaves the 110.00 psychological level in play.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.