FxWirePro: USD/JPY Trade Idea

• 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 113.54.
   
• 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.

Resistance
 

R1- 113.50
 

R2 -114
 

R3-114.73
 

Support               
 

S1-112.74
 

S2- 112.03
 

S3-111.40