FxWirePro: Yen appreciates in early hours after BoJ minutes, faces strong support at 103.54
USD/JPY is currently trading around 103.82 marks. It made intraday high at 104.00 and low at 103.58 levels. Intraday bias remains bearish for the moment. Today Japan released monetary policy meeting minutes for the month…
It made intraday high at 104.00 and low at 103.58 levels.
Intraday bias remains bearish for the moment.
Today Japan released monetary policy meeting minutes for the month of April.
BoJ minutes showed that underlying inflation trend has been improving steadily as QQE and negative rates impact would steadily spread to economy and prices.
BoJ minutes – Policy members agreed that turbulence in global markets means it could take more time to see monetary policy benefits.
A sustained close below 103.54 will drag the parity down towards key supports at 102.10 and 101.56 levels respectively.
Alternatively, a daily close above 105.19 is required to take the parity higher towards key resistances around 106.12, 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
