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USD/JPY Forecast: Could Enter A Bearish Corrective Phase Once Below 109.70

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USD/JPY Current Price: 109.90

  • BOJ’s Kuroda pledged to ease further the monetary policy, if needed.
  • Japan’s Machinery Tool Orders fell by 33.6% YoY in December after losing 37.9% in the previous month.
  • USD/JPY retains its bullish stance, could enter a bearish corrective phase once below 109.70.

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A weaker dollar sent USD/JPY to a daily low of 109.78, with the decline limited by poor Japanese data and resurgent optimism with Wall Street’s opening. The pair bounced from such low and settled just below the 110.00 figure, retaining its mid-term bullish stance.

At the beginning of the day, Japan published the preliminary estimate of Machinery Tool …

Full story available on Benzinga.com

gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw== - USD/JPY Forecast: Could Enter A Bearish Corrective Phase Once Below 109.70



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About Valeria Bednarik - Chief Analyst at FXStreet

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