The Bank of Japan's monetary policy meeting held earlier today delivered relatively dovish massage, as central bankers left unchanged the interest rates and its QQE purchase. Following the speech of Governor Kuroda the USD/JPY spiked the 111.00 level but found resistance at 111.20. On the four hour time frame the price is developing below its bearish SMAs, while RSI and stochastic turned sharply to south and are showing strong bearish momentum. The pair failed to hold gains are is close to the key support at 110.50. The only interesting about this pair today will be whether will test the next support level at 110.19 (the 4-month low marked last week).
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