KURODA SPEECH BOOSTS USDJPY

The USDJPY pair has moved to a eight week trading high, hitting 114.20 during the Asian session, after Bank of Japan Governor Haruhiko Kuroda delivered a largely dovish speech on Japanese monetary policy.

Governor Kuroda said that the Bank of Japan will maintain the current mix of ultra-low interest rates, expansion of the monetary base and control the bond yield curve for as long as needed, to achieve the Bank of Japans inflation goal “in a stable manner.”

The USDJPY pair remains bullish on all time frames, and is fast approaching the May 10th price structure high, at 114.36.

Once above the 114.36 level, the USDJPY pair will start to test towards the March 10th price high, at 115.51.

Key technical USDJPY support is found at the daily pivot point at 113.87, and then the H4 time frame 20 period moving average, located at 113.55.

To the upside, the 114.36 level offers strong intraday resistance, once price isabove the 114.36 level, the March 15th price high offers further intraday resistance at 114.88.