USD/JPY revisits daily tops ahead of BOJ Kuroda’s presser

Dhwani Mehta FXStreet

The USD/JPY pair rallied as high as 117.58 following BOJ’s unchanged monetary policy decision, before retreating to 117.20 region, where the bulls once again took over control, sending the rate back towards daily tops.

USD/JPY flirts with 117.50

The dollar-yen pair appears to have regained poise and now looks to extend the upside, as markets digest the latest BOJ’s steady policy decision and upbeat economic assessment.

Moreover, fresh risk-on flows seen behind the Japanese stocks also adds to the ongoing weakness in the safe-haven yen, lifting the USD/JPY pair from a brief dip to 117.17 levels. While the Nikkei 225 index jumps +0.40% to 19,465 points.

The immediate focus now remains on the BOJ Kuroda’s presser, which will throw fresh light on the central bank’s decision. While the USD dynamics will also play a key role amid thin markets.

USD/JPY Technical levels to watch

The major finds immediate resistance at 117.68 (5-DMA). A break above the last, the major could test 118 (round figure) and 118.67 (10-month highs) beyond the last. While to the downside, the immediate support is seen at 117 (zero figure) next at 116.65 (10-DMA) and below that at 116.48 (100-DMA).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 118.02

30% Bullish
20% Bearish
50% Sideways

Bias Sideways

1 Month

Avg Forecast 115.84

23% Bullish
46% Bearish
31% Sideways

Bias Bearish

1 Quarter

Avg Forecast 114.20

13% Bullish
53% Bearish
33% Sideways

Bias Bearish

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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