USD/JPY Falling Llike a Knife on BOJ’s Kuroda, 108 Eyed
The bearish pressure on the USD/JPY pair intensifies ahead of Europe open, as the BOJ Governor Kuroda’s press conference gets underway.
USD/JPY down more than 3 big figures
The dollar-yen pair remains relentlessly offered as the JPY bulls extend control, especially after BOJ Chief Kuroda justified today’s on-hold stance, saying that the bank needed more time to monitor impact of further easing measures announced in Jan. At the moment, the major sinks to lows at 108.19, down -2.93% on the day.
Earlier today, the major collapsed nearly 200-pips after BOJ kept monetary policy steady, with 80 trln Yen base money target and 0.1% negative interest rate intact. Markets will now focus on the US GDP figures against the backdrop of a dovish FOMC statement published yesterday.
USD/JPY Technical levels to watch
In terms of technicals, the immediate resistance is located at 110 (round number). A break above the last, the major could test 110.41/50 (daily S2/ psychological levels). While to the downside, the immediate support is seen at 108 (psychological levels) and below that at 107.81 (Apr 18 Low).