USD/JPY is trading almost unchanged from Fliday’s closing level with
current market price 111.07 ahead of the upcoming BoJ and Fed
meetings, scheduled to decide on monetary policy this week.
Technically speaking the short term outlook remains neutral. On the four hour time frame the price is developing below the bearish 50-day SMA and the flat 100 –day SMA, while the 20-day SMA, also flat, is proving immediate support few pips below the current price. RSI is located at its mid-line and has lost directional strength. Stochastic is showing strong upward momentum around 65 level.
The downside offers strong support at 110.60 provided by last week’s low while the upside is challenged by 111.40.
The pair may continue with no significant progress until BoJ’s policy meeting tomorrow, followed by Fed’s meeting on Wednesday, which will bring fresh development and signals.
Technically speaking the short term outlook remains neutral. On the four hour time frame the price is developing below the bearish 50-day SMA and the flat 100 –day SMA, while the 20-day SMA, also flat, is proving immediate support few pips below the current price. RSI is located at its mid-line and has lost directional strength. Stochastic is showing strong upward momentum around 65 level.
The downside offers strong support at 110.60 provided by last week’s low while the upside is challenged by 111.40.
The pair may continue with no significant progress until BoJ’s policy meeting tomorrow, followed by Fed’s meeting on Wednesday, which will bring fresh development and signals.
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