USD/JPY Current price: 112.66

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Weighed by BOJ, poor US data. The Japanese yen strengthened at the beginning of the day, following the Bank of Japan economic policy announcement, in where the Central Bank maintained the status quo, but signaled the possibility of further easing and downgraded their outlook of the local economy. The pair accelerated further lower after the release of poor US retail sales figures for February, down by 0.1% compared to the previous month. The technical picture is clearly bearish in the short term, as in the 1 hour chart, the price accelerated its decline after breaking below the 100 and 200 SMAs, both around 113.45, whilst the technical indicators head sharply lower, despite being in oversold levels. In the 4 hours chart, the technical indicators also present a strong bearish momentum, although it would take a break below 112.10, the base of the latest range, to confirm a steeper decline towards the 111.00 region, the lows set last February.

Support levels: 112.10 111.70 111.25

Resistance levels: 113.00 113.50 113.90

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