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Jolted By Ueda Comments, USD/JPY Range Intact

JPY

The initial post-meeting press conference remarks from BoJ Governor Ueda generate two-way flow in JPY pairs. Ueda noted positive sentiment surrounding wages and a move higher in the odds of the BoJ attaining its 2% CPI goal, which allowed the JPY to rally. That move was then countered as he reiterated that the BoJ remains ready to ease further, without hesitation, if necessary.

  • USD/JPY sticks to its pre-Ueda range, moving between Y143.72-142.55 over Ueda’s remarks, last Y143.60, only a touch below pre-Ueda levels.
  • Initial resistance in the pair comes in at the 50% retracement of the Dec 11-14 sell off (Y143.78), while support is seen at the 76.4% retracement of the Jul 14-Nov 13 bull run (Y140.71)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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