BOJ’s monetary policy decision today is not the event
that was expected to be for markets. The central bank left the rate at -0.1% t and kept on hold the yield target at around zero
percent, although the GDP forecasts have been revised higher, but the inflation forecast have been revised lower. Overall,
no surprise.
Following BOJ, the USD/JPY pair is seen uplifted and started to recover from the daily low at 112.95. As the time of writing the pair is up with 0.24% and the current market price is 113.46.
From technical point of view, the short term outlook is neutral to bullish. On the four hour time frame the price is developing above the bullish 100-day and 200-day SMAs,while the 20-day SMA is staying flat around 113.65. RSI and stochastic had retreated from their extreme oversold areas and are displaying strong bullish momentum.
A break above 113.80 would challenge bulls to march higher towards 114.45 (last week’s high). On the other hand, immediate support at the 100-day SMA around 112.95, where the daily low was marked. Next one is seen at 112.50.
Following BOJ, the USD/JPY pair is seen uplifted and started to recover from the daily low at 112.95. As the time of writing the pair is up with 0.24% and the current market price is 113.46.
From technical point of view, the short term outlook is neutral to bullish. On the four hour time frame the price is developing above the bullish 100-day and 200-day SMAs,while the 20-day SMA is staying flat around 113.65. RSI and stochastic had retreated from their extreme oversold areas and are displaying strong bullish momentum.
A break above 113.80 would challenge bulls to march higher towards 114.45 (last week’s high). On the other hand, immediate support at the 100-day SMA around 112.95, where the daily low was marked. Next one is seen at 112.50.
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