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USD/JPY daily outlook

Japanese Yen is enjoying some gain against the major peers after traders sold off the pair amid renewed risk aversion based on a slump in oil prices and overall dull growth prospects. 

  • Last week both oil benchmarks booked their first weekly rises of the year and continue to fall today as well.
     
  • Free fall of Oil prices made the Yen more attractive to invest as one of the safe havens assets.
     
  • Pair is currently supported below 118 mark and made intraday low at 117.92 levels.
     
  • Intraday bias remains bearish as this week will be important for Japanese Yen as BOJ monetary policy statement is due later this week.
     
  • Market anticipates further easing signal from the BOJ to achieve 2% inflation target.
     
  • Initial support levels are seen at 117.74 and 117.33 levels.
     
  • Initial resistance levels are seen at 118.43 and 118.71 mark.

 

  • Market Data
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