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Japanese Yen Weakens on BOJ Kuroda's Comment; USDJPY Rose to 109.25

Posted by Chris Advincula on May 12, 2016 7:09:56 AM

(May 12 Thursday) The japanese yen weakened against the major currencies when Bank of Japan Governor Kuroda said that monetary policy will be adjusted without hesitation in all three dimensions, if needed for the price target. He adds that big swings in forex moves do not reflect the fundamentals are are undesirable. 

The yen fell immediately against the major currencies after the BOJ had once again repeated their intervention rhetoric but nontheless effective for the day and short term, enough to squeeze the short USDJPY positions and push the rate higher. The USDJPY was at 109.33 two days ago and fell to 108.20 in the prior Asian session. The USDJPY became well bid and rose steadily to 109.25 in Europe.

The 14 day moving average rose from the support 108.38 to 109.10. The 30 DMA on a similar move rose from 108.40 to 109.00

USDJPY.5.12.2016.jpg

 

Topics: $USDJPY, BOJ, Forex Trading, USD/JPY, Fundamentals, BOJ. Fed

 

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