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20 Jun 2016

USD/JPY stalls retreat near 104.40 amid soaring equities

The Japanese yen is gradually gaining momentum versus its American counterpart in the mid-European session, sending USD/JPY further south towards 104 handle.

USD/JPY losing sight of 105 handle?

The dollar-yen’s retreat from near 104.80 – key resistance gained further traction during the European session, as the JPY bulls fought back control somewhat, following BOJ Governor Kuroda’s speech, in which he showed the central bank’s commitment to achieve 2% inflation target.

Moreover, a bout of profit-taking after the bulls failed to take-out strong resistance placed near 104.80 region, also justifies the latest leg lower in the major. At the time of writing, the USD/JPY pair trades +0.29% higher at 104.46, having posted session lows struck at 104.37.

Markets now await the BOJ monetary policy meeting for fresh insights on the BOJ’s inaction at its monetary policy meeting held last week.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 104.84 (Jun 17 & daily high). A break above the last, the major could test 105 (round number). While to the downside, the immediate support is seen at 104 (round number) and below that at 103.56 (Multi-months low).

 

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