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21 May 2014
USD/JPY breaks below 101.00 as Kuroda sounds positive
FXStreet (Córdoba) - The USD/JPY came under pressure at the beginning of the European session and dropped to fresh 3-month lows sub-101.00.
The yen has been supported across the board by the reduced likelihood of further BoJ monetary easing in the near-term. The BoJ decided to keep policy unchanged and at the subsequent press conference, Governor Kuroda sounded pretty optimistic. He said positive cycle in the economy is working and the QE is having the intended effect.
USD/JPY eyeing 2014 lows
The USD/JPY triggered stops on the break below 101.10 and accelerated through 101.00 to hit its lowest level in more than 3 months at 100.81 so far. At time of writing, the USD/JPY is trading at the 100.90 zone, recording a 0.4% daily loss, the sixth in a row. Next support stands now at its 2014 low of 100.75.
The yen has been supported across the board by the reduced likelihood of further BoJ monetary easing in the near-term. The BoJ decided to keep policy unchanged and at the subsequent press conference, Governor Kuroda sounded pretty optimistic. He said positive cycle in the economy is working and the QE is having the intended effect.
USD/JPY eyeing 2014 lows
The USD/JPY triggered stops on the break below 101.10 and accelerated through 101.00 to hit its lowest level in more than 3 months at 100.81 so far. At time of writing, the USD/JPY is trading at the 100.90 zone, recording a 0.4% daily loss, the sixth in a row. Next support stands now at its 2014 low of 100.75.