USD/JPY Choppy Near 108.30, Fedspeak on Sight
USD/JPY
remains in a consolidative pattern in the low-108.00s for the time
being, slightly rebounding from recent multi-month troughs near 107.60.
USD/JPY attention to Fedspeak
In
spite of today’s recovery, the pair remains under pressure against the
backdrop of a broad-based weakness around the greenback and rising
scepticism surrounding the ability of the BoJ to incur in further easing
in order to weaken the Japanese currency.
In the meantime
today’s speeches by Fed’s Harker, Williams and Lacker will keep
investors entertained amidst rising speculations of the timing of a
potential rate hike by the Fed.
USD/JPY levels to watch
As
of writing the pair is advancing 0.34% at 108.31 and a break above
111.04 (20-day sma) would open the door to 113.27 (55-day sma) and then
113.81 (high Mar.31). On the other hand, the next support lines up at
107.65 (2016 low Apr.11) followed by 105.18 (monthly low Oct.2014) and
finally 100.74 (monthly low Feb.4 2014).
(Market News Provided by FXstreet)
