FXStreet (Edinburgh) – After climbing to a fresh cycle high in the 123.30 area on Tuesday, USD/JPY has shed some of those gains and is now hovering over the 123.00 handle.
USD/JPY a tad lower on weaker USD
The greenback’s upside is losing some momentum today, with market participants probably cashing up some of the recent strong gains, which recently pushed spot to fresh multi-year tops.
On the Japanese side, the BoJ minutes released in early trade showed the central bank left the target of increment in the monetary base intact at an annual ¥80 trillion, albeit it now expects to reach the 2% inflation target by April 2016.
USD/JPY levels to consider
As of writing the pair is down 0.05% at 123.03 with the next support at 122.28 (23.6% of 118.89-123.33) followed by 122.04 (high Mar.10) and then 121.63 (38.2% of 118.89-123.33). On the upside, a break above 123.33 (2015 high May 26) would target 123.67 (high Jul.9 2007) en route to 124.14 (high Jun.6 2007).
(Market News Provided by FXstreet)