USD/JPY Current price: 120.33
View Live Chart for the USD/JPY
Waiting for the BOJ. The USD/JPY pair trades in a 50 pips range ever since the day started, hovering around the 120.35 level, the 50% retracement of its latest weekly decline. For over a month already the USD/JPY has been trading in quite a limited range within Fibonacci levels, which basically means that, when it is finally broken, the movement has high chances of being explosive. There are little chances of seeing the pair moving far away during the upcoming hours, but during the upcoming Asian session, the BOJ will have its monthly economic meeting. There is a good chance that the Central Bank will extend its stimulus plans, which may result in a strong upward rally in the pair. In the meantime, the 1 hour chart shows that the 100 and 200 SMAs stand flat around 120.00, while the technical indicators are stuck in neutral territory. In the 4 hours chart, the technical indicators turned lower around their mid-lines, showing no actual momentum, whilst the price holds above its moving averages that anyway present bearish slopes, limiting chances of a stronger advance as long as the 120.70 static resistance holds.
Support levels: 120.00 119.60 119.35
Resistance levels: 120.70 121.00 121.35
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