USD/JPY Current price: 111.25
View Live Chart for the USD/JPY
Lifeless ahead of Central Banks' decisions. The USD/JPY pair trades within a 40 pips range ever since the day started, unable to attract investors ahead of the FED and the BOJ's economic policy decisions. The pair has stabilized, however, above the 111.00 figure after a short lived dip to 110.65, a major support level, which suggests the bearish pressure has eased somehow. The latest COT report confirms record short positions for the last month, indicating the market may have finally found an interim bottom. Short term, the 1 hour chart shows that the technical indicators remain directionless within their mid-lines, but also that the price is above its 100 SMA, currently heading north around 110.90, the immediate support. In the 4 hours chart, technical indicators also present a neutral stance, whilst the price is a few pips above a bearish 200 SMA. The pair needs to advance above 111.90 to be able to extend its gains further on a hawkish FED, yet if the US Central Bank disappoints, the pair can plummet below the 110.65 region. The BOJ is largely expected to remain on-hold and therefore the pair can extend its decline below the 110.00 level early Thursday.
Support levels: 110.90 110.65 110.30
Resistance levels: 111.45 111.90 112.30
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