USD/JPY slides after Shirakawa comments; Tokyo CPI eyed

ForexNewsNow | Published on October 28, 2010 at 6:03 am

Intraday analysis - BOJ chief ShirakawaNEW YORK (Forex News Now) – The yen rose against the U.S. dollar on Thursday, after the Bank of Japan governor said the timing of a Fed policy meeting was not behind the BOJ’s decision to bring forward its own meeting.

In European morning currency market trading, USD/JPY hit 81.35, down 0.51 percent on the day.

Masaaki Shirakawa’s comments came after the BOJ announced it was bringing forward its next policy meeting to Nov. 4-5 from later in the month. The central bank chief spoke after the BOJ left interest rates untouched and offered new details of a $61 billion asset purchase program intended to spur lending to companies.

According to intraday analysis, USD/JPY was likely to touch support around Monday’s low, 80.41, and encounter immediate resistance around the high of Oct. 7, 83.03.

Later in the day, Japan’s statistics bureau was due to publish key data on consumer price inflation in Tokyo and household spending in Japan. FX traders, meanwhile, also awaited an important report on initial U.S. jobless claims last week.

Elsewhere, the yen climbed versus sterling: GBP/JPY traded at 128.85, down 0.07 percent, according to intraday analysis.

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