Following the latest speech of Bank of Japan (BoJ) Governor Haruhiko Kuroda, yen lost and was pushed above the ¥121 level. Kuroda saw positive signs from the asset-purchase program and hinted any action if needed. BoJ "will make adjustment as necessary without hesitation, when there are changes in the underlying trend in inflation, especially in developments in inflation expectations, in order to achieve the price stability target at the earliest possible time," Kuroda said in Tokyo. We can expect the USD/JPY currency pair to be led by speculative trading further. Slight resistance for first long position closing can be seen at ¥121.369, further at ¥121.914. If the pair surpasses ¥122 level and reaches 2007 highs, next resistance could be seen at ¥122.436. As for possible dollar weakening, we can set take profits of ¥120.686 or later at ¥119.786, and ¥118.378
