USD/JPY Struggles to Avoid Losses as BOJ Hesitates to Intervene
USD/JPY Struggles to Avoid Losses as BOJ Hesitates to Intervene
USD/JPY
is working hard to avoid losses as Bank of Japan policy officials rule
out FX market interventions and talk about 100 levels in the pair.
Hovers around 110.30
The
spot is now trading around 110.30 levels after having clocked a high of
110.64 levels. Japanese PM Abe ruled out FX interventions as a means to
stall the rise in Yen, while another political bigwig in Japan talked
about economy’s tolerance to 100 levels.
Yen bulls are
relentless and with no major data due for release, there is little
hurdle other than rally in oil and stock markets that could shift the
momentum in favor of bears.
USD/JPY Technical Levels
The
immediate hurdle is seen at 110.68 (Mar 17 low), above which prices
could rise to 111.00 levels. Next major resistance is seen at 111.77
(Feb 23 low). On the other hand, a break below 110.00 would trigger
further unwinding of JPY shorts leading to a sharp drop to 108.00 (Sep
2014 low). Below the same next support is seen at 106.65 (50% of 2011
low-2015 high).
(Market News Provided by FXstreet)
