FxWirePro: Japanese Yen hits fresh 2 –week high against US dollar after comments from the BOJ’s Sato
USD/JPY is currently trading around 109.05 marks. It made intraday high at 109.58 and low at 108.93 levels. Today BOJ’s policy board member comments on the current economic conditions of the Japan. He said, ‘Global econo…
It made intraday high at 109.58 and low at 108.93 levels.
Today BOJ’s policy board member comments on the current economic conditions of the Japan.
He said, ‘Global economic slowdown to continue for time being’. He added Japan’s economy is likely to avert recession.
According to Sato, BOJ must take balanced approach in achieving its mandate of price stability and financial stability but negative rate policy may hurt that balance.
Intraday bias remains bearish for the moment.
A sustained break below 108.72 will drag the parity down towards key supports at 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively.
On the other side, a daily close above 110.44 is required to take the parity higher towards key resistances around 112.60 (55D EMA) and 113.42 levels respectively.
