The pair is almost unchanged on the day now, trading at 106.22
The move isn’t really from what Kuroda has to say, as the BOJ governor is mainly reiterating the same stuff from last week — just with a little more firmness and clarity.
But it’s important to note that the range is still relatively narrow for the day, a mere 30 pips between 106.16 to 106.46. The pair is now leaning against the 100-hour MA (red line) on the hourly chart, and that will be an important level to hold for buyers.
Equities in general have been faring well, with European and US stocks both ending yesterday on a positive note — which in turn has spilled over to Asian trading today as well.
The Nikkei is currently up by 1.9% heading into the close, while the Hang Seng is up by 1.7%. So, on the risk sentiment front that should help to underpin yen pairs a little — which we saw at the start of trading earlier today.
Let’s see what European traders have to say when markets open later.