USD/JPY has shown a good recovery from minor bottom at 112.03. The pair jumped till 113.45 yesterday and is currently trading around 113.41. BOJ has kept its interest rates unchanged at -0.1% and 10 Year JGB target at 0%…
USD/JPY has shown a good recovery from minor bottom at 112.03. The pair jumped till 113.45 yesterday and is currently trading around 113.41.
BOJ has kept its interest rates unchanged at -0.1% and 10 Year JGB target at 0%. The central bank will continue to buy and annual amount of JPY 80T JGBs. BOJ said in a statement that “Japan’s economy is expanding moderately and likelihood of inflation reaching 2% target is very low.
Technically, near term major resistance is around 113.48 (trend line joining 114.73 and 113.75) and any break above will take the pair to next level till 114/114.73/115.
On the lower side, near term support is around 112.74 (4H kijun-sen) and any break below will drag the pair to next level till 112/111.40.
It is good to buy above 113.50 with SL around 112.74 for the TP 114.73/115.
