USD/JPY breaks resistance at 112.20, targets 113.40
USD/JPY catches fresh bid tone in the last hour, breaks channel-top resistance at 112.20.
Not so upbeat comments from the BOJ's Kiuchi and the rebound seen in the Japanese stocks restricting upside in the Yen.
Kiuchi highlighted the side-effects of massive JGB buying and added that its difficult to achieve the 2% price target with monetary policy alone.
Momentum studies on 4 hourly charts are bullish, further upside in the pair likely.
Immediate resistance is located at 113.05 (Feb 23rd highs), breaks above will take the major to test 113.13 (10-DMA) and then 113.41 (61.8% Fib of 114.87 to 111.04 fall).
To the downside, immediate support lies at 111.65 (Feb 12th lows) and below that at 111.05/110.98 (Feb 24 & 11 Low).
Watch out for US durable goods data due later in the day and Friday’s prelim GDP figures which could have a major influence on the pair.
Good to buy dips around 112.30/40, SL: 111.90, TP: 113/113.10/113.40
Not so upbeat comments from the BOJ's Kiuchi and the rebound seen in the Japanese stocks restricting upside in the Yen.
Kiuchi highlighted the side-effects of massive JGB buying and added that its difficult to achieve the 2% price target with monetary policy alone.
Momentum studies on 4 hourly charts are bullish, further upside in the pair likely.
Immediate resistance is located at 113.05 (Feb 23rd highs), breaks above will take the major to test 113.13 (10-DMA) and then 113.41 (61.8% Fib of 114.87 to 111.04 fall).
To the downside, immediate support lies at 111.65 (Feb 12th lows) and below that at 111.05/110.98 (Feb 24 & 11 Low).
Watch out for US durable goods data due later in the day and Friday’s prelim GDP figures which could have a major influence on the pair.
Good to buy dips around 112.30/40, SL: 111.90, TP: 113/113.10/113.40