19 Dec 2014
USD/JPY approaches one-week high
FXStreet (Mumbai) - The USD/JPY pair is extending gains during the European session after the Bank of Japan governor Kuroda expressed readiness to change the policy stance if required during his press conference speech.
The pair now trades 0.48% higher at 119.41, after having bounced-off from the 10-DMA located at 118.72 during the Asian session. The BOJ held its annual monetary base expansion target at JPY 80 trillion, while stating it stands ready to alter the current stance if required in future. Meanwhile, the return of “risk-on” trading in the global financial markets is also aiding the USD/JPY pair. The major European indices are up more than 0.5% tracking gains in the Asian and the US equity markets.
USD/JPY Technical Levels
The pair has an immediate resistance at 119.57 (Dec. 11 high), above which gains could be extended to 119.93 (Dec. 10 high). Meanwhile, support is located at 118.72 (10-DMA) and 118.24 (5-DMA).
The pair now trades 0.48% higher at 119.41, after having bounced-off from the 10-DMA located at 118.72 during the Asian session. The BOJ held its annual monetary base expansion target at JPY 80 trillion, while stating it stands ready to alter the current stance if required in future. Meanwhile, the return of “risk-on” trading in the global financial markets is also aiding the USD/JPY pair. The major European indices are up more than 0.5% tracking gains in the Asian and the US equity markets.
USD/JPY Technical Levels
The pair has an immediate resistance at 119.57 (Dec. 11 high), above which gains could be extended to 119.93 (Dec. 10 high). Meanwhile, support is located at 118.72 (10-DMA) and 118.24 (5-DMA).