Dollar-yen fell today on corrective selling. Unable to hold in the mid-¥158 range, it fell to ¥158.112. Selling levels in the ¥158 range and lower-end buying levels drew attention, while remarks by the Governor of the Bank of Japan were also viewed as a market factor, although the market reaction was limited.
Dollar-yen traded under pressure during today’s Asian session. After breaking above the 200-day moving average at ¥158.55 the previous day and rising to ¥158.750, it fell to ¥158.112 under profit-taking selling, as no further catalysts for gains emerged.
At present, selling on the upside is considered likely to cluster at ¥158.400, ¥158.500, ¥158.600, ¥158.650 and ¥158.700, while buying is waiting on the downside at ¥157.800, ¥158.000 and ¥158.100.
At a meeting of the House of Representatives Budget Committee, Governor Ueda (植田) of the Bank of Japan said that “it is important to stabilise the underlying inflation rate at around 2%” and that “the underlying inflation rate has come quite close to 2%,” but the market reaction was limited.
This article was provided by Gaitame.com and focuses primarily on today’s movements in the dollar-yen exchange rate and related order information.