- USD/JPY is currently trading around 109.11 marks.
- It made intraday high at 109.31 and low at 109.04 levels.
- Japan's trade surplus expanded from ¥242.8 billion in February to ¥775.0 billion last month, the highest since February 2011 but lower than the market forecast of a ¥834.6 billion surplus.
- In addition BOJ Kuroda said that, “He will scrutinise risks to economy, prices and won't hesitate taking more easing steps if needed to hit price target.”
- He added, “BOJ added negative rate policy to QQE to achieve inflation target at earliest date possible.”
- Intraday bias remains bearish till the time pair holds key
resistance at 109.48 marks.
- A daily close below key support 108.68 will take the parity down towards 108.18, 107.43 and 105.72 levels.
- On the other side, a sustained break above 109.48 will take the parity towards 111.30/112.60 levels.
- On the top side, initial resistance levels are seen at 109.68, 111.30, and 112.60 marks respectively.
The material has been provided by InstaForex Company – www.instaforex.com