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.