The USD/JPY continues the unstoppable rise that began in the first week of March. This Friday, the pair has advanced almost 100 pips from the intraday low of the Asian session, 118.47, to the new six-year high at 119.40 reached in the early hours of the US session.
Risk aversion dominates the markets on the last day of the week as negotiations between Ukraine and Russia appear to be moving much slower than expected. The US dollar is the big winner as it is gaining ground against its rivals. The DXY index that measures the greenback jumps right now to 98.62, a new maximum of two days.
In the economic calendar of the day, the Bank of Japan held its monetary policy meeting, returning to stand by its rate policy, and reiterating that there is no need for adjustment or transitory and unsustainable inflation. In the US, Existing Home Sales for February will be released later. Michelle W. Bowman, Governor of the Federal Reserve Board, will also speak.
USD/JPY Levels
With the pair trading at time of writing above 119.34, gaining 0.63% on the day, the next resistance appears at 120.04ceiling of March 2, 2016. Further above await the other two maximums of the year 2016, 121.49 (02/01/2016) and 121.60 (01/29/2016).
On the downside, initial support is at 118.36 Mar 17 low, followed by 118.18 Mar 16 pre-Fed low and 117.69 Mar 15 low.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
