Back
5 Feb 2015
USD/JPY hits fresh highs after Harada’s nomination to be BOJ member
FXStreet (Mumbai) - USD/JPY jumped to fresh session highs, snapping previous losses after news hit across the wirers that Japan nominated Yutaka Harada to be Bank of Japan board member, indicating an added dovish member supporting BOJ’s easing policy stance.
USD/JPY rebounds from 117.20 levels
Currently, the USD/JPY traded flat at 117.33 levels, quickly retreating from fresh daily highs clocked at 117.44 levels immediately post the nomination. The yen weakened versus the greenback after the news as the nomination of Mr Harada may suggest Prime Minister Abe’s strong support for Governor Kuroda’s accommodative policy stance.
Earlier in the Asian session, the yen strengthened versus USD after risk-off trades resurfaced after ECB’s denial to accept Greek debt as collateral, fuelling concerns over Greece’s future.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.50 levels and above which it could extend gains 118 levels. To the downside immediate support might be located at 117 levels, below that at 116.86 levels.
USD/JPY rebounds from 117.20 levels
Currently, the USD/JPY traded flat at 117.33 levels, quickly retreating from fresh daily highs clocked at 117.44 levels immediately post the nomination. The yen weakened versus the greenback after the news as the nomination of Mr Harada may suggest Prime Minister Abe’s strong support for Governor Kuroda’s accommodative policy stance.
Earlier in the Asian session, the yen strengthened versus USD after risk-off trades resurfaced after ECB’s denial to accept Greek debt as collateral, fuelling concerns over Greece’s future.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.50 levels and above which it could extend gains 118 levels. To the downside immediate support might be located at 117 levels, below that at 116.86 levels.