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USD/JPY retreats from 113.00

FXStreet (Edinburgh) - The initial upbeat tone in the greenback is now receding, allowing USD/JPY to come down from multi-year peaks in the boundaries of 113.00 the figure.

USD/JPY stronger following the BoJ

Despite the inactivity in the Japanese markets due to the Culture Day holiday today, the yen continued to depreciate vs. the greenback on the back of Friday’s announcements by the BoJ. After almost hitting the psychological handle at 113.00, the pair sparked the current correction to the 112.70/75 band against the backdrop of softer demand for the US dollar at the beginning of the European session. ”The current price action is clearly part of trending up-move and further USD strength is likely. Expect a move towards 113.30. Only a move back below 112.20 would indicate that the immediate upward pressure has eased”.

USD/JPY levels to watch

At the moment the pair is advancing 0.34% at 112.71 with the next resistance at 112.98 (high Nov.3) followed by 113.00 (psychological level) and then 113.11 (161.8% of 110.09-105.20). On the downside, a break below 112.42 (hourly low. Nov.3) would aim for 112.00 (psychological handle) and finally 110.19 (hourly low Oct.31).

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