USDJPY moves to new session highs. BOJ Nakaso says: Not approaching limit on bond buying.

Moves above target 1

The USDJPY has moved to new session highs. Headlines coming out from BOJs Nakaso is helping to weaken the JPY a bit. He is currently being quoted from a speech he is giving in NY:

• More determined to beat inflation in his career
• Japan still struggles with slower trend growth
• Even small negative shock content Japanese growth rate into negative territory
• Not approaching limit on asset purchases
• Negative rates and bond buying provide significant reinforcement in mission of overcoming deflation
• Nonmanufacturing has room to catch up globally.
• Expects all economic entities to take advantage of extreme favorable policy environment
• Negative rates to marginal excess reserves meant to relieve burdens on banks
• if needed. BOJ can take more steps in quantity, quality
• Fully expect policy to improve potential growth
• Policy needs to remain lax to support economy

The next target comes in against the trend line at 113.57 and then the 100 hour MA at 113.789. THe USDJPY has not traded above the 100 hour MA since Feb 2.

The EURJPY is also moving higher. Technically, it just moved above the topside trendline , and also tests the 38.2% retracement of the move down from Tuesday's high.