USD/JPY: 25-pip range play continues after Kuroda's comments


  • USD/JPY lacks a clear directional bias, with the US 10-year yield sidelined at 1.08%. 
  • BOJ's Governor Kuroda said inflation could remain low for the time being.

USD/JPY remains locked in a narrow range of 103.75 to 104.00 for the 14th straight hour, with the Bank of Japan (BOJ) Governor Kuroda offering mixed views on the Japanese economy. 

"Japan's economy picking up although in the severe state due to impact from coronavirus pandemic," Kuroda said while speaking at a meeting of branch managers. 

Kuroda added that consumer prices could fall for the time being and gradually accelerate and expressed willingness to provide more easing if needed. So far, Kuroda's comments have failed to move the pair out of its multi-hour trading range of 103.75 to 104.00. 

The pair's recovery from the Jan. 6 low of 102.59 ran out of steam above 104.00 on Monday after the US 10-year Treasury yield's ascent stalled at the 10-month high of 1.18%. The yield has retreated to 1.08% since then, weakening the bid tone around the US dollar. 

The US President-elect Joe Biden is expected to announce additional fiscal stimulus on Thursday. That could revive the rally in both the yields and USD/JPY. 

Technical levels

USD/JPY

Overview
Today last price 103.85
Today Daily Change -0.03
Today Daily Change % -0.03
Today daily open 103.88
 
Trends
Daily SMA20 103.5
Daily SMA50 103.95
Daily SMA100 104.67
Daily SMA200 105.86
 
Levels
Previous Daily High 104
Previous Daily Low 103.53
Previous Weekly High 104.09
Previous Weekly Low 102.59
Previous Monthly High 104.75
Previous Monthly Low 102.88
Daily Fibonacci 38.2% 103.82
Daily Fibonacci 61.8% 103.71
Daily Pivot Point S1 103.6
Daily Pivot Point S2 103.33
Daily Pivot Point S3 103.14
Daily Pivot Point R1 104.07
Daily Pivot Point R2 104.27
Daily Pivot Point R3 104.54

 


 

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