After bottoming out in the 112.60 area, USD/JPY has managed to gather steam ans is now advancing towards the vicinity of 113.00 the figure.
USD/JPY finds support at 112.60
The Japanese yen has found some support in early trade after Governor H.Kuroda ruled out further cuts of the interest rate into the negative territory, although the decline halted just ahead of 112.50, sparking the ongoing correction higher.
Data wise in Japan, inflation figures remain subdued, as shown by today’s results. In the US docket, the attention will be on another revision of Q4 GDP, followed by Trade Balance results and Personal Income/Spending.
USD/JPY levels to watch
As of writing the pair is retreating 0.03% at 112.91 with the next hurdle at 114.89 (high Feb.16) ahead of 115.28 (high Feb.10) and then 114.72 (20-day sma). On the flip side, a breakdown of 110.98 (low Feb.11) would expose 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014).
(Market News Provided by FXstreet)