USD/JPY surges above 123.00 on firm US dollar despite BoJ Kuroda’s remarks By christianborjon USDJPY Majors Macroeconomics Technical Analysis
, who stated that “forex moves are somewhat rapid,” spurring a 30-pip drop in the pair, though recovered of late on broad US dollar strength. At the time of writing, the USD/JPY is trading at 123.58.keeps the greenback’s firm. European bourses closed mixed, while US equities fell, while the US yields and the greenback rose on Fed speaker remarks, hinting that the US central bank would hike rates and might begin reducing its balance sheet at the May meeting.
Additional to that, the Russian-Ukraine woes sum up investors’ dismal mood. Europe announced a new tranche of sanctions on Russia, led by German and France, who expelled Russian diplomats responding to Russian military atrocities in Bucha. Meanwhile, the US and the G7 are coordinating new sanctions on Russia, expanding sanctions on financial institutions, state-owned companies in Russia, and unspecified Russian officials and their family members.Earlier, Fed Governor Lael Brainard said that the Fed “is prepared to take stronger action if inflation and inflation expectations suggest the need to do so.” She added that the balance sheet might reduce its balance sheet in May.
On the same note, Kansas City Fed President Esther George said that a 50 bps move would be an option, as conditions favor going faster than before. Later, San Francisco Fed President Mary Daly commented that the labor market is extremely tight and noted that the Fed is on a path to raising rates. Daly added that growth would slow but expected it to be a short-lived event.The USD/JPY keeps trending higher. However, it is worth noting that the Relative Strength Index at 73.
However, the uptrend remains intact unless the USD/JPY falls below 121.27. That said, the USD/JPY first resistance would be 124.00. A breach of the latte would expose solid supply zones, like 124.30, followed by the YTD high at 125.10.
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