Forex: USD/JPY currently hesitating around 101.00

on Nov 22, 2013
Updated: Oct 21, 2019
Listen Friday, November 22nd:_ The USD/JPY yesterday gained 1.04 percent with the daily candle having closed at 101.28. The pair traded within the range 100.16 to 101.34 – the highest since 8 July. The price broke through the 11 September high of 100.60, the 19 July high of 100.85 and the psychological 101.00 level, which were key levels of resistance. In order to continue to rise, bulls will have to overcome the 7 July high of 101.52 and then the 102.00 and 102.50 levels and the 22 May high of 103.73.

The upward move was largely triggered by the Bank of Japan maintaining its asset purchasing, the purpose of which is to increase and double the monetary base in order to achieve the target of two percent inflation. The decision was in line with market expectations. In a press conference BoJ governor Haruhiko Kuroda said that the central bank would not hesitate to take more measures if the economy diverges from forecasts. He also stated that the BoJ “has room to act against upside and downside risks.”

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Data from the US yesterday also had a positive effect on the US dollar. The Core PPI m/m grew by 0.2 percent in October, Unemployment Insurance Initial Claims fell to 323,000 last week and Flash Manufacturing PMI rose to 54.3 points in November. However, the Philadelphia Fed Manufacturing Index fell to 6.5 points in November, although this did not prevent the price from continuing its ascent.

The BoJ earlier today UTC released its Monthly Report, which reiterated that “Japan’s economy has been recovering moderately.” Expectations are for the recovery to continue.
Thus far today the price has been trading between 101.34 and 100.94 and is currently at 101.01.

Today FOMC member and Kansas City Fed president Esther George is scheduled to address an audience at the Bank of France Conference – The Financial Reconstruction of Europe in Paris about banking supervision. The event is due to take place at 13.40 UTC.
US JOLTS Job Openings are due out at 15.00 UTC.
Today’s resistance levels: 101.20, 101.52 and 102.00.
Today’s Support levels: 101.00, 100.55 and 100.35.
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