USD/JPY Current price: 120.33

View Live Chart for the USD/JPY

USDJPY

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD rises to two-day high ahead of Aussie CPI

AUD/USD rises to two-day high ahead of Aussie CPI

The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.

AUD/USD News

EUR/USD now refocuses on the 200-day SMA

EUR/USD now refocuses on the 200-day SMA

EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.

EUR/USD News

Gold price cautious despite weaker US Dollar and falling US yields

Gold price cautious despite weaker US Dollar and falling US yields

Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.

Gold News

Ethereum continues hinting at rally following reduced long liquidations

Ethereum continues hinting at rally following reduced long liquidations

Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.

Read more

Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade

Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade

An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.

Read more

Majors

Cryptocurrencies

Signatures