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FxWirePro: Japanese yen trades marginally higher after BOJ’s monetary policy meeting minutes

USD/JPY is currently trading around 111.62 marks. It made intraday high at 111.80 and low at 111.53 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 111.72 marks. A daily close ab…

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FxWirePro: Japanese yen trades marginally higher after BOJ’s monetary policy meeting minutes
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  • USD/JPY is currently trading around 111.62 marks.
     
  • It made intraday high at 111.80 and low at 111.53 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 111.72 marks.
     
  • A daily close above 111.72 will take the parity higher towards key resistances around 112.86, 113.57, 114.88, 115.50, 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
     
  • On the other side, a sustained close below 111.72 will drag the parity down towards key supports around 110.99, 109.88, 108.12, 107.32, 106.72, 106.03 and 104.96 levels respectively.
     
  • BOJ July meeting minutes - Many members said companies likely to gradually shift toward raising wages and prices.
     
  • BOJ July meeting minutes - Many members said BOJ should continue with quantitative easing and yield curve control.
     
  • BOJ July meeting minutes - A few members said jobless rate and output gap need to improve further to reach 2 pct inflation.
     
  • BOJ July meeting minutes - Some members said 2 pct inflation target is global standard, contributes to FX stability.
     
  • Tokyo's Nikkei share average opens down 0.24 pct at 20,349.26.

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