USD/JPY Though 111.00 on Yen Selling

USD/JPY Though 111.00 on Yen Selling

22 April 2016, 15:30
Roberto Jacobs

USD/JPY Though 111.00 on Yen Selling

The selling pressure is now gathering traction around the Japanese currency, lifting USD/JPY to fresh highs beyond the key 111.00 barrier.

USD/JPY up on BoJ rumours, looks to US PMI

The pair’s march north remains everything but unabated today following rumours that the BoJ could announce negative rates on its lending programme at its next meeting on April 27-28.

Coupled with that, the increasing buying interest around the greenback is helping bulls to clinch levels beyond the 111.00 handle, or 2-week tops, ahead of the flash manufacturing PMI in the US economy due later.

USD/JPY levels to watch

As of writing the pair is advancing 1.52% at 111.12 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).


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