USD/JPY Declines
LiteForex Europe | Jul 22, 2015 08:37AM ET
Yesterday, the US dollar declined against the yen, reaching the last week lows. Now, the level 124.00 is a strong resistance level.
The Monetary Policy Committee of the Bank of Japan stated that the country's economic recovery continues to grow at a satisfactory pace. Also, the issues of recent poor performance of advanced economies and the battle against deflation, which is caused by low energy prices, were discussed. However, in the long term, the inflation is expected to rise, the board said. The refinancing rate remained at 0.1%. Moreover, in 2016, it is planned to reduce monetary policy meetings from the current 14 down to eight.
The demand for the yen has weakened somewhat after the Greek banks were opened, but it will not significantly affect the dynamics of the Japanese currency.
The nearest resistance level is 124.00 (last week high and MA with 70 period).
The support level is 123.23 (the last week significant support level).
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