FXStreet (Guatemala) – USD/JPY is currently trading at 123.81 with a high of 123.94 and a low of 123.81.
USD/JPY is more or less stable on the release of the BoJ minutes, trading with a slight offer leading in to the Tokyo open. The BoJ minutes explained that many board members said easing is exerting intended effects. The Central Bank is committed to the intended 2% inflation target ( BoJ sees this to be reached H1 FY 2016) and will continue to ease until the target is met and stable and will adjust policy as needed.
USD/JPY steady – offered on Nikkei 18yr high
Meanwhile, Asian equities have opened higher on Greek optimism and the Nikkei opened 0.4% for an 18 year high. Recent supply in USD/JPY stems from upon the 124 handle in late European trade and the major has since been struggling while supported around 123.60 post the recovery from down at 122.50 start of the week.
Price action will likely be pegged to the ongoing Greek negotiations and subsequent stock prices. We have another Eurogroup meeting tomorrow in the US shift. EU’s Junker is confident that something will be agreed this week, when he said this in the press conference post the EU summit yesterday. Just today, it was reported that the EZ finance ministers could approve a cash for reform deal as early as tomorrow and we await the outcome of the Eurogroup’s meeting.
USD/JPY range bound
Technically, we are still up from the lows of 122.47 form last week’s trade. The bulls efforts are paying off. However, a break of last week’s lows would open avenues to 121.90/00 support and this is guarding 120.00. Major resistance comes as 124.10/15.
(Market News Provided by FXstreet)