• BoJ left policy unchanged as widely expected and echoed the same old tune that the economy is recovering moderately and the QQE is having its intended effect
  
  
• USD/JPY erased gains and switch into the negative territory, hit session lows at 119.90 post-BoJ
  
  
• The pair quickly retreated from fresh session lows and is currently trading at 120.07, with next resistance located 120.65 (Day's High), above which it could extend 121.34 (Sept 10 High)
  
  
• To the downside immediate support might be located at 119.96 (Daily Tenkan) and further below at 119.85 (Sept 14 Low)
  
  
• Overall bias is towards the downside, price action is well below the cloud and moving averages are negatively aligned
  
  
• Daily Tenkan at 119.96 is a strong support zone, we will wait for break below to enter any short positions