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The next key levels in USDJPY

The Bank of Japan's move to increase stimulus is like "throwing gasoline on the fire" as far as USDJPY upside is concerned. That's according to Saxo Bank's Head of FX Strategy, John Hardy. USDJPY has gained more than 2% this Friday on the QE move as well as news Japan's massive public pension fund is looking to reallocate 40% or its foreign assets.

John says the next resistance level in USDJPY could be stretched to 113 yen in the coming days. However, much depends on important macro data from the States next week, not least the jobs numbers contained in the nonfarm payrolls which come out on Friday.

02:47 minutes
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