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13 Apr 2015
USD/JPY a buy for 121.65 – Growth Aces
FXStreet (Barcelona) - Reviewing today’s Japanese data releases, the Growth Aces Research Team, further shares the trade setup for USD/JPY, maintaining a bullish stance and targeting 121.65 levels.
Key Quotes
“Bank of Japan Governor Haruhiko Kuroda voiced confidence over the country's economic recovery and stressed the central bank will maintain its massive stimulus programme for as long as needed to hit its 2% inflation target.”
“The Bank of Japan released minutes of its March meeting. The BOJ kept monetary policy steady at the March meeting but offered a slightly more downbeat view on prices, saying inflation will hover around zero for the time being.”
“Many members of the Bank of Japan's policy board shared the view that the output gap and inflation expectations show that Japan's price trend will continue to improve. They agreed there is a high chance of meeting the central bank's 2% inflation target in the period around the fiscal year that started in April.”
“The Bank of Japan raised its assessment for three of Japan's nine regions in its quarterly report, the most in more than a year, and maintained its rosy view for the remaining areas, signalling that the benefits of its stimulus programme was broadening. In the opinion of the BOJ a weak yen boosted exports and lured more overseas tourists.”
“Japan's core machinery orders fell 0.4% mom in February vs. the median estimate of a 2.8% decline. It followed a 1.7% fall in January.”
“Japanese wholesale prices rose 0.7% yoy in March vs. 0.4% yoy in February. Domestic final goods prices fell 1.3% yoy.”
“We have raised our USD/JPY buy order to 120.05, as we see strong support near 120.00.”
“USD/JPY: buy at 120.05, if filled – target 121.65, stop-loss 119.45, risk factor **”
“Resistance: 121.20 (high Mar 20), 121.41 (high Mar 18), 121.52 (high Mar 17)”
“Support: 120.11 (session low, Apr 13), 119.87 (low Apr 9), 119.65 (low Apr 8)"
Key Quotes
“Bank of Japan Governor Haruhiko Kuroda voiced confidence over the country's economic recovery and stressed the central bank will maintain its massive stimulus programme for as long as needed to hit its 2% inflation target.”
“The Bank of Japan released minutes of its March meeting. The BOJ kept monetary policy steady at the March meeting but offered a slightly more downbeat view on prices, saying inflation will hover around zero for the time being.”
“Many members of the Bank of Japan's policy board shared the view that the output gap and inflation expectations show that Japan's price trend will continue to improve. They agreed there is a high chance of meeting the central bank's 2% inflation target in the period around the fiscal year that started in April.”
“The Bank of Japan raised its assessment for three of Japan's nine regions in its quarterly report, the most in more than a year, and maintained its rosy view for the remaining areas, signalling that the benefits of its stimulus programme was broadening. In the opinion of the BOJ a weak yen boosted exports and lured more overseas tourists.”
“Japan's core machinery orders fell 0.4% mom in February vs. the median estimate of a 2.8% decline. It followed a 1.7% fall in January.”
“Japanese wholesale prices rose 0.7% yoy in March vs. 0.4% yoy in February. Domestic final goods prices fell 1.3% yoy.”
“We have raised our USD/JPY buy order to 120.05, as we see strong support near 120.00.”
“USD/JPY: buy at 120.05, if filled – target 121.65, stop-loss 119.45, risk factor **”
“Resistance: 121.20 (high Mar 20), 121.41 (high Mar 18), 121.52 (high Mar 17)”
“Support: 120.11 (session low, Apr 13), 119.87 (low Apr 9), 119.65 (low Apr 8)"