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USD/JPY breaches 118.00

FXStreet (Edinburgh) - The Japanese yen is grabbing some attention now, with USD/JPY breaking below the 118.00 handle and posting session lows in sub-117.80 levels.

USD/JPY coming down from 118.60

The pair is correcting lower after hitting the area of 118.60 in early trade following the release of the BoJ minutes and the subsequent speech by Governor Kuroda. The minutes showed a tight 5-4 voting pattern favouring the implementation of the recent extra easing measures by the central bank, making it difficult to adventure further easing during the next year, at least not without significant dissent. In the meantime, Kuroda welcomed the recent stimulus and expects to achieve the 2% inflation target by around next year.

USD/JPY levels to watch

As of writing the pair is down 0.19% at 117.99 with the next support at 117.58 (low Nov.24) ahead of 117.36 (low Nov.21) and then 117.00 (psychological level). On the flip side, a breakout of 118.40 (hourly high Nov.20) would open the door to 118.98 (2014 high Nov.20) and finally 119.00 (psychological level).

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