USD/JPY Extends the Upside Beyond 109.00

USD/JPY Extends the Upside Beyond 109.00

10 May 2016, 14:02
Roberto Jacobs

USD/JPY Extends the Upside Beyond 109.00

The Japanese Yen remains on the defensive today, helping USD/JPY to regain fresh 2-week tops beyond 109.00 the figure.

USD/JPY propped up by BoJ rumours, USD bid

The buying interest around the greenback continues to give extra support to the pair, advancing almost uninterruptedly since recent multi-month lows in the mid-105.00s.

Furthermore, comments by Japan’s finmin T.Aso earlier this morning have hinted at the likeliness of FX intervention by the BoJ in case of unexpected volatility in JPY, reinforcing ongoing rumours and adding downside pressure to the safe haven.

USD/JPY levels to watch

As of writing the pair is advancing 0.89% at 109.22 facing the immediate hurdle at 110.86 (55-day sma) ahead of 111.92 (high Apr.28) and finally 113.73 (100-day sma). On the flip side, a breakdown of 105.52 (2016 low May 3) would open the door to 105.18 (monthly low Oct.2014) and then 101.97 (monthly low Aug.7 2014).


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