Kuroda’s comments send USD/JPY higher – Growth Aces

FXStreet (Barcelona) - The Growth Aces Team believe that BoJ’s Governor Kuroda’s comments asserted confidence regarding Japan’s plan to meet the 2% inflation target, sending USD/JPY higher above 120.00 levels, further targeting 121.80 levels for the pair.

Key Quotes

“Bank of Japan Governor Haruhiko Kuroda said the bank has various tools left if it were to ease monetary policy again. Kuroda has voiced confidence that Japan will see inflation hit 2% as targeted in 2015. He added: “If the BOJ loosens its commitment just because it's difficult to achieve the price target, that in itself will make it impossible to meet the price target”.”

“The USD/JPY opened the Asian session at 119.80 and started tracking higher towards 120.00. Dovish comments from BOJ chief Kuroda added fuel to the USD/JPY move higher. The rate rose to 120.50 in the morning of the European session. The market in Asia was thin today due to bank holiday in Tokyo.”
“GrowthAces stays long with the target at 121.80 (just below 2014 high of 121.86)”