USD/JPY Wants More, in Highs Near 110.60
The Japanese currency is now accelerating its depreciation vs. its American peer, lifting USD/JPY well above the 110.00 handle.
USD/JPY higher on BoJ rumours
Spot
gained further upside pressure in response to rumours that the Bank of
Japan could be discussing negative loan rates in light of next week’s
key monetary policy meeting.
As a matter of fact, next BoJ
meeting has been growing in importance in light of the recent
appreciation of the safe haven JPY and the potential reaction of the
central bank. JPY has managed to advance to the 107.60 area earlier in
the month, levels last seen in October 2014.
USD/JPY levels to watch
As
of writing the pair is advancing 1.03% at 110.59 and a break above
112.08 (55-day sma) would aim for 113.81 (high Mar.29) and finally
114.58 (high Mar.2). On the other hand, the next support aligns at
107.65 (2016 low Apr.12) followed by 105.18 (monthly low Oct.2014) and
then 100.74 (monthly low Feb.4 2014).
