FxWirePro: USD/JPY edges higher from fresh multi-month lows at 109.95
USD/JPY hit fresh multi-month lows at 109.94, it was seen below the 110 mark in Oct 2014, when the BoJ surprised markets with extra easing measures. The pair came under renewed pressure after WSJ reported PM Abe saying “…
USD/JPY hit fresh multi-month lows at 109.94, it was seen below the 110 mark in Oct 2014, when the BoJ surprised markets with extra easing measures.
The pair came under renewed pressure after WSJ reported PM Abe saying “we must definitely avoid competitive devaluation, and I think we should refrain from arbitrary intervention in currency markets.”
USD/JPY slipped from 110.50 to a low of 109.95 after the comments, has pared losses to edge above the 110 handle.
BOJ's Governor Kuroda was speaking in a parliament committee and saying that he is willing to cut rates further, yet there has not been a considerable reaction to that in the price.
Pair remains rangebound on the day, with immediate support at 109.94 (Apr 5th lows) and further below at 109.91 (trendline).
On the upside resistance is located at 111.24 (5-DMA) ahead of 111.35 (Apr 5th highs).
