USD/JPY bulls got what they needed from Kuroda, an excuse to test the 112.99 fibo again

Ross J Burland FXStreet

Currently, USD/JPY is trading at 112.80, up 0.05% on the day, having posted a daily high at 112.81 and low at 112.62.

USD/JPY is picking up a little on the back of BoJ's Kuroda saying that monetary expansion will continue until they get above their inflation target and for as long as needed to do so.

BOJ's Kuroda - Will continue expanding monetary base until inflation stably exceeds 2%

Meanwhile, the US was a very quiet session with it being Columbus day. The Treasury market was closed and there wasn't any data from the US session, so, the DXY was changing hands in the froth of the previous sessions (euro buying induced), ending -0.1% while USD/JPY drifted up from 112.55 to 112.75 with the 112.99 Fibo remaining as a hard nut for the bulls to crack and stay above.

USD/JPY levels

Valeria Bednarik, chief analyst at FXStreet explained that the short term, the pair presents a neutral-to-bullish stance, give that the price is holding above its moving averages, with the 100 SMA heading higher around 112.30, providing an immediate support, followed by 112.00, the 23.6% retracement of the September run.

"Technical indicators in the mentioned chart, however, continue lacking directional strength, holding around their mid-lines. The pair would need to advance beyond 113.45, the high set last week, to be able to extend its bullish run during the following sessions," Valeri added.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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