OctaFX | OctaFX Forex Broker
Open trading account
Back

No so fast! USD/JPY grabs another high at 107.20 but it was sold again

FXStreet (San Francisco) - After reaching a previous high of 107.15, the USD/JPY moved down to 106.60 where the pair bounced back to a fresh 6-year maximum at 107.20. However market listened Kuroda's words and it said not so fast; then the unit was launched back to 106.70.

Currently, USD/JPY is trading at 106.74, down 0.06% on the day, having posted a daily high at 107.21 and low at 106.64. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.

USD/JPY sentiment

"Kuroda said just what every USD/JPY bull wanted to hear until that last little bit where he said there is no need for additional steps, for now," Jamie Coleman explains. "Bids are seen at 106.65; stops are below 106.60."

If the pair breaks below the 106.60, next supports come at 106.00 and 105.70. On the upside, resistances are at 107.20, 108.00 and 108.30.

BoJ's Kuroda: Adjustments to monetary policy not necessary for now

BoJ governor Haruhiko Kuroda said in a television appearance on Thursday that he didn't consider the current weakness of the yen as extremely harmful for the Japanese economy. The currency moves reflect economic fundamentals in his opinion, which is desirable.
Read more Previous

Gold breaks below $1,240

Spot gold continued to slide and fell to the lowest in 8 months below $1,240/oz.
Read more Next
Start livechat