Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Forex - USD/JPY continues to rise after BoJ maintains easing

Published 12/19/2014, 02:40 AM
Updated 12/19/2014, 02:40 AM
Dollar rises further against yen on BoJ comments

Investing.com - The U.S. dollar continued to climb against the yen on Friday, after the Bank of Japan maintained the level of its stimulus program and as Thursday's U.S. jobless claims data continued to support the greenback.

USD/JPY hit 119.47 during late Asian trade, the pair's highest since December 10; the pair subsequently consolidated at 119.24, gaining 0.33%.

The pair was likely to find support at 117.54, the low of December 15 and resistance at 121.00, the high of December 9.

The yen came under pressure after the BoJ said it will boost its monetary base at an annual pace of ¥80 trillion.

The traditional safe haven yen rallied earlier in the week as a rout in oil prices continued, adding to fears over the global economic outlook and the impact of oil’s drop on weakening emerging market economies and their currencies.

Meanwhile, the dollar remained supported after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending December 12 fell by 6,000 to 289,000 from the previous week’s revised total of 295,000. Economist had forecast an increase of 1,000.

The greenback also continued to benefit from the Federal Reserve's latest policy statement. On Wednesday, the Fed said it would be "patient" before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."

The central bank acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.

At the bank’s post policy meeting press conference Fed Chair Janet Yellen said the Fed was unlikely to raise rates for the "next couple of meetings" indicating that a move in April at the earliest is possible.

The yen was lower against the euro, with EUR/JPY climbing 0.40% to 146.49.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.