USD/JPY Technical Analysis: Yen treading water near 111.00 ahead of BoJ

The Dollar-Yen pairing continues to twist sideways ahead of the BoJ's policy statement due early for Tuesday, trading close to the 111.00 major handle ahead of expected action from the Japanese central bank.
A floor has been priced in at last week's bounces from a floor just above 110.60, and markets seem to be expecting a Yen-positive BoJ outcome, which would see the USD/JPY head into June's lows below 110.00, but an oversold bounce will see the pair recover to near-term highs for July around 112.00 and 113.00.

Joshua Gibson FXStreet

USD/JPY Chart, 15-Minute

Spot rate:	111.02
Relative change:	Negligible
High:	111.06
Low:	110.97

Trend:	Flat

Support 1:	110.88 (current week low)
Support 2:	110.58 (previous week low)
Support 3:	110.27 (July low)

Resistance 1:	111.15 (current week high)
Resistance 2:	111.53 (previous week high)
Resistance 3:	112.18 (61.8% Fibo retracement level)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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