12 Feb 2015
USD/JPY drops sharply on BOJ’s stimulus comments
FXStreet (Mumbai) - The USD/JPY pair clocked a low of 118.74 levels after the Bank of Japan (BOJ) squashed hopes of more monetary stimulus by stating it as counterproductive.
BOJ talks down Yen
The USD/JPY pair fell from 119.30 levels to trade at 119.18; down 1.05% after the Bank of Japan said further weakness in the Yen would hurt consumer sentiment. BOJ’s statements helped Yen strengthen across the board.
The pair rose above 120.00 levels in the previous session, after having bounced-off from the 117.20 post the strong US data on Friday.
USD/JPY Technical Levels
The immediate support is seen at 118.72, under which losses could be extended to 118.30 levels. On the flip side, resistance is seen at 119.57 and 119.88 levels.
BOJ talks down Yen
The USD/JPY pair fell from 119.30 levels to trade at 119.18; down 1.05% after the Bank of Japan said further weakness in the Yen would hurt consumer sentiment. BOJ’s statements helped Yen strengthen across the board.
The pair rose above 120.00 levels in the previous session, after having bounced-off from the 117.20 post the strong US data on Friday.
USD/JPY Technical Levels
The immediate support is seen at 118.72, under which losses could be extended to 118.30 levels. On the flip side, resistance is seen at 119.57 and 119.88 levels.