Saturday, April 21, 2018
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USD/JPY struggling to build momentum as Middle East tensions weigh
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  • Middle East concerns are pushing the Yen back into safe haven action.
  • A typical showing from the BoJ’s Kuroda reveals little new in Japan’s toolkit.

The USD/JPY is hesitating during Tokyo trading, testing around 106.90 after losing the 107.00 handle in Wednesday’s action.

The Syrian civil war has returned to the forefront with US allies preparing to commit to air strikes against Assad’s military forces in retaliation for a chemical attack over the weekend, but pushback is being seen in the UN from Russia, who backs embroiled Syrian President Bashir al-Assad.

Bank of Japan (BoJ) Governor Kuroda spoke today, reiterating the central bank’s inflation targets, and their intent to reach them with continued monetary easing policies.

BOJ Kuroda: Will continue easing until consumer inflation stably exceeds 2 pct

USD/JPY Levels to watch

As noted earlier by FXStreet’s own Valeria Bednarik, “In the 4 hours chart, the pair keeps developing above converging 100 and 200 SMA, both in the 106.20 region, while technical indicators bounced within negative territory, but remain below their mid-lines. The pair would need to extend its advance beyond the 107.50, where it topped last week, to gain some upward traction during the upcoming sessions.”

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