FxWirePro: USD/JPY edges lower from session highs at 101.66, weakness only below 100.85
USD/JPY bulls appear to have faced exhaustion at session highs near 101.66. Pair now consolidating the strong rally witnessed in the Asian session after BOJ deputy Gov Iwata's comments. BOJ deputy Gov Iwata said he expec…
USD/JPY bulls appear to have faced exhaustion at session highs near 101.66.
Pair now consolidating the strong rally witnessed in the Asian session after BOJ deputy Gov Iwata's comments.
BOJ deputy Gov Iwata said he expect Japan economy to remain on gradual recovery path and govt stimulus spending to contribute a lot to growth this and next fiscal year.
Iwata added that the BoJ is prepared to ease policy without hesitation if needed to meet 2 pct price target.
USD/JPY turned lower from 5-DMA resistance and is currently holding above the mid-point of 101 handle.
The pair finds strong trendline support at 100.85, break below could see weakness till 99.98.
Techs are inconclusive, we would prefer to remain on the sidelines for now.
