USD/JPY Current price: 111.65

  • BOJ kept the monetary policy unchanged as expected.
  • US Michigan Consumer Sentiment Index foreseen at 95.3 in March.

The USD/JPY pair trades unchanged in the 111.60 price zone, after extending its weekly advance to 111.89 overnight. As expected, the Bank of Japan kept its monetary policy steady in its Friday meeting, while policymakers cut their assessment on overseas economies amid fresh signs of a slowdown. Stocks markets rallied in Asia, while European ones maintain the positive tone, limiting further the downside for the pair. The greenback, on the other hand, remains unattractive, under pressure across the board.

The US macroeconomic calendar will offer today the March NY Empire State Manufacturing Index, forecasted at 10.0 vs. the previous 8.8, February Industrial Production and Capacity Utilization, and the preliminary Michigan Consumer Sentiment Index for March, foreseen at 95.3 vs. 93.8 previously. This last could give the greenback a short-term boost at the end of the week.

The 4 hours chart offers a neutral-to-bullish stance, as the pair holds above its 100 and 200 SMA, which retain their bullish slopes, while technical indicators continue to consolidate above their midlines, with no clear directional strength. Chances of an upward extension seem unlikely as there's no big catalyst in the horizon to trigger dollar's strength.  

Support levels: 111.10 110.85 110.50

Resistance levels: 111.90 112.20 112.50

View Live Chart for the USD/JPY

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.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD trims Pound-related gains, back to 1.1150/60 price zone

The EUR/USD pair got a nice short-lived boost from Brexit optimism, although it quickly trimmed gains, as PM May failed to convince the markets. Failure near 1.1200 left doors opened for a retest of the yearly low at 1.1110.

EUR/USD News

GBP/USD bounces off 1.2700 despite UK’s political uncertainty

Even if challenges to the UK PM May’s “new and bold” Brexit proposal remain on the card, the GBP/USD pair witnessed pullback moves from 1.27 the figure during early Asian session on Wednesday.

GBP/USD News

USD/JPY stalls bounce near 110.60 post-mixed Japanese data

The tepid bounce in the USD/JPY pair appears to stall near 110.60 region following the releases of mixed Japanese trade and machinery orders data. However, the risk remains to the upside amid fresh US-China trade optimism and ahead of the key FOMC minutes. 

USD/JPY News

FOMC Minutes Preview: Inflation, inflation, where's the Fed's inflation?

The better than anticipated US first quarter GDP of 3.2% received its due in the May FOMC statement where “economic activity rose at a solid rate” in contrast to the March note where “activity has slowed from its solid rate in the fourth quarter.”

Read more

Gold struggles pull away from May lows, continues to trade near $1270

The XAU/USD pair closed the first day of the week virtually flat below the $1280 mark and came under a renewed pressure on Tuesday as the upbeat market sentiment didn't allow the precious metal to find demand as a safe-haven

Gold News

Majors

Cryptocurrencies

Signatures