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13 Mar 2015
USD/JPY loses the 121.50 and falls to 121.30
FXStreet (Tokyo) - After advancing in the Asian session from 121.25 to trade above the 121.50; the USD/JPY was sold at 121.55 and then it was launched back to daily lows around 121.30.
Earlier in the day, the Yen traded lower as the JPY "failed to find support from Bank of Japan Governor Kuroda’s remarks, while Japanese Fin Min Aso’s comments that a weak yen is a plus for Japan's economy further weakened the Japanese currency against the greenback," as FXStreet analyst Dhwani Mehta reported previously.
However, the USD/JPY was sold at the European opening bell, with the pair accumulating a 20-pip decline in the last hour. Currently, USD/JPY is trading at 121.35, up 0.07% on the day, having posted a daily high at 121.58 and low at 121.26.
USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
Dollar to Yen exchange rate forecast
According to Japan Strategist at BTMU Takahiro Sekido, "Any further JPY depreciation will likely be moderate." Sekido comments that the BTMU maintains "the topside of our USDJPY range USD125 through end-2015."
For the short term however, the FXMarketAlerts team affirms that the USD/JPY is "running into sellers at 121.55-60; as Japan government continues to debate whether further JPY weakness will bring more benefits or harm to Japan economy." FXMarketAlerts says: "More offers at 121.80-00 ahead of 8-year highs of 122.00-02. Bids at 121.00-20."
USD/JPY levels
If the pair extends declines beyond 121.30, it will find supports at 121.20 and 121.00. To the upside, resistances are at 12150, 121.60 and 121.80
Earlier in the day, the Yen traded lower as the JPY "failed to find support from Bank of Japan Governor Kuroda’s remarks, while Japanese Fin Min Aso’s comments that a weak yen is a plus for Japan's economy further weakened the Japanese currency against the greenback," as FXStreet analyst Dhwani Mehta reported previously.
However, the USD/JPY was sold at the European opening bell, with the pair accumulating a 20-pip decline in the last hour. Currently, USD/JPY is trading at 121.35, up 0.07% on the day, having posted a daily high at 121.58 and low at 121.26.
USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
Dollar to Yen exchange rate forecast
According to Japan Strategist at BTMU Takahiro Sekido, "Any further JPY depreciation will likely be moderate." Sekido comments that the BTMU maintains "the topside of our USDJPY range USD125 through end-2015."
For the short term however, the FXMarketAlerts team affirms that the USD/JPY is "running into sellers at 121.55-60; as Japan government continues to debate whether further JPY weakness will bring more benefits or harm to Japan economy." FXMarketAlerts says: "More offers at 121.80-00 ahead of 8-year highs of 122.00-02. Bids at 121.00-20."
USD/JPY levels
If the pair extends declines beyond 121.30, it will find supports at 121.20 and 121.00. To the upside, resistances are at 12150, 121.60 and 121.80