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USD/JPY testing highs near 116.80

FXStreet (Edinburgh) - The greenback is inching higher today, pushing USD/JPY to challenge intraday highs in the boundaries of 116.80.

USD/JPY focus on the BoJ

The BoJ commences its 2-day meeting today, although consensus does not expect any major announcement. Instead, market participant shifted their focus on today’s press conference by PM S.Abe, where he will announce the delay of the second sales-tax hike and he will also call for snap elections on December 14th. Apart from the BoJ monetary policy meeting, the key All Industry Activity index is also due ahead of the Leading Economic index and the Coincident Index for the month of September. “We expect a combination of portfolio flows and relative monetary policy to push the cross higher and we target 117 in 1M, 120 in 3M, 122 in 6M and 124 in 12M”, suggested analysts at Danske Bank.

USD/JPY levels to consider

At the moment the pair is up 0.16% at 116.68 with the next resistance at 116.79 (high Nov.18) ahead of 117.06 (2014 high Nov.17) and finally 117.20 (high Oct.17 2007). On the flip side, a breach of 116.43 (low Nov.18) would aim for 116.00 (psychological level) and then 115.85 (hourly low Nov.17).

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