17 Mar 2015
USD/JPY challenges lows around 121.20
FXStreet (Edinburgh) - The greenback is deflating further vs. its Japanese counterpart on Tuesday, now dragging USD/JPY to visit intraday lows around 121.20.
USD/JPY focus on FOMC
Upside momentum in the pair remains limited around the mid-121.00s so far this week, as market participants are warming up for the key FOMC gathering on Wednesday. Anticipation of a hawkish tone by the Committee tomorrow has propped up the recent USD strength, although profit-taking and poor results in the US docket appear to have prompted the current knee-jerk.
In Japan, Governor Kuroda left unchanged the status quo in the monetary policy, although he argued that domestic consumer prices could deep into the negative ground in response to declining oil prices.
USD/JPY levels to consider
The pair is now falling 0.06% at 121.26 with the immediate support at 121.09 (low Mar.16) ahead of 120.83 (Tenkan Sen) and then 120.66 (low Mar.12). On the upside, a breakout of 121.53 (high Mar.17) would aim for 121.67 (high Mar.12) and finally 122.04 (2015 high Mar.10).
USD/JPY focus on FOMC
Upside momentum in the pair remains limited around the mid-121.00s so far this week, as market participants are warming up for the key FOMC gathering on Wednesday. Anticipation of a hawkish tone by the Committee tomorrow has propped up the recent USD strength, although profit-taking and poor results in the US docket appear to have prompted the current knee-jerk.
In Japan, Governor Kuroda left unchanged the status quo in the monetary policy, although he argued that domestic consumer prices could deep into the negative ground in response to declining oil prices.
USD/JPY levels to consider
The pair is now falling 0.06% at 121.26 with the immediate support at 121.09 (low Mar.16) ahead of 120.83 (Tenkan Sen) and then 120.66 (low Mar.12). On the upside, a breakout of 121.53 (high Mar.17) would aim for 121.67 (high Mar.12) and finally 122.04 (2015 high Mar.10).