Yen Set for Dollar Gains With Kuroda on Hold: Technical Analysis
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The Bank of Japan’s decision not to add to unprecedented monetary stimulus has the yen poised to breach a key technical level, which may see it strengthen to a two-month high, according to JPMorgan Chase & Co.
The yen is approaching a range between 102.10 and 101.90 per U.S. dollar that, if breached, could allow it to gain to the February high of 100.75, Niall O’Connor, a technical analyst at JPMorgan, said regarding a note to clients today. Bank of Japan Governor Haruhiko Kuroda highlighted a pickup in private investment and increasing industrial production as he maintained the pace of monetary expansion today.