Japanese Yen Hits One-week Low Versus Dollar After Remarks by BOJ Governor Kuroda
Japanese Yen dropped to the lowest level in one week versus the dollar on Monday after Bank of Japan Governor Haruhiko Kuroda stated that the central bank would maintain its QQE program with yield curve control for as long as needed to achieve 2 percent inflation in stable manner.
The dollar started the new week at three-week highs against a currency basket on Monday, shrugging off concerns over a worse-than-expected Non-farm Payrolls released last Friday as a key U.S. Federal Reserve official reinforced the central bank’s commitment to interest rate hikes.
Investors remained focused on the Federal Reserve’s plans to tighten monetary policy after New York Fed President William Dudley on Friday said that plans to trim the Fed’s balance sheet later this year would prompt only a “little pause” in its rate hike plans.
The pair USDJPY hit the highest level since April 03, spurred by comments from BOJ Governor Kuroda which reiterated Japan consumer inflation is going to move around zero percent for time being and the central bank would ramp up aggressive asset purchases and maintain its massive monetary stimulus until inflation is stably above its 2 percent target.
Buy Stop at 111.500, Take profit 112.000, Stop loss at 111.300