The USDJPY pair continues to range trade and was unable to break the 108.04 intraday resistance level. This is as Haruhiko Kuroda, Governor of the Bank of Japan, has indicated that the pursuit of powerful monetary easing policies with an aim to achieving a 2% inflation target remains the focus of the Bank of Japan. Kuroda also said that there are heightened uncertainties in the global economy and that the global financial markets were experiencing some nervousness.
USDJPY Technical Plays
The USDJPY was unmoved by Kuroda’s comments. For buyers, the resistance level to overcome remains at 108.04. Upside break beyond this level will bring the 108.39 price area into focus.
On the flip side, a failed break of 108.04 will see price seeking to retest the 107.62 price area. Violation of this area will open the door for price to target the 107.28 support area. As at the time of writing, USDJPY was trading at 107.92.
It would seem that the asset is waiting for Friday’s advanced quarterly GDP report from the US for renewed direction.