- USD/JPY: stuck around 111 the figure in between break outpoints.
- USD/JPY: Bank of Japan Governor Kuroda will be in the Japanese parliament today.
USD/JPY has been parked around 111 the figure and between a low of 110.92 and 111.05 highs, currently trading at 110.92 at the time of writing.
USD/JPY penetrated 111 the figure on the trade relief headlines yesterday and climbed to test the111.39 and 100% fibo level in European trade. However, the dollar ran out of steam in NY and the pair made a session low of 110.95.
Forex today: dollar mixed, DXY pulls back from multi-month highs 94.05
USD/JPY awaits further impetus
USD/JPY is now resting-up and a period of consolidation can be expected while markets await further developments on the geopolitical front. However, the Bank of Japan Governor Kuroda will be in the Japanese parliament today from 0100GMT, albeit likely singing the same tune as per norm.
USD/JPY levels
USDJPY: The short term momentum indicators look rather heavy
The breakout points are down at 110.19, where the 200 D SMA is located and 111.50, a barrier level ahead of 112.20/40.
Valeria Bednarik, chief analyst at FXStreet explained that the downside potential is limited, particularly considering that the pair continues developing well above bullish 100 and 200 SMA: “The 4 hours chart shows that the pair lost upward Momentum, with the indicator having turned sharply lower from overbought levels and now nearing its mid-line, and the RSI indicator also pulling back, currently at 61.”
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