Fxwirepro: Japanese Yen Gains in Early Asia on Kuroda’s Comments

USD/JPY is currently trading around 109.11 marks. It made intraday high at 109.31 and low at 109.04 levels. Japan's trade surplus expanded from ¥242.8 billion in February to ¥775.0 billion last month, the highest since February 2011 but lower than the market forecast of a ¥834.6 billion surplus. In addition BOJ Kuroda said that, “He will scrutinise risks to economy, prices and won't hesitate taking more easing steps if needed to hit price target.” He added, “BOJ added negative rate policy to QQE to achieve inflation target at earliest date possible.” Intraday bias remains bearish till the time pair holds key resistance at 109.48 marks. A daily close below key support 108.68 will take the parity down towards 108.18, 107.43 and 105.72 levels. On the other side, a sustained break above 109.48 will take the parity towards 111.30/112.60 levels. On the top side, initial resistance levels are seen at 109.68, 111.30, and 112.60 marks respectively.

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