Chart - Courtesy Trading View
USD/JPY is consolidating previous session's BoJ triggered sell-off, outlook remains bearish.
The major was trading 0.43% higher on the day at 132.26 at around 04:50 GMT, after closing a whopping 3.80% lower in the previous session.
Japan economy minister Shigeyuki Goto earlier on Wednesday acknowledged that the BoJ's decision was not meant to be a tweak or exit from monetary easing.
Goto jaw boned the Yen following BoJ shock policy decision, yen slips slightly across the board following Goto's comments.
Technical bias for the pair is bearish. GMMA indicator shows major and minor trend are strongly bearish.
Major Support Levels:
S1: 131.00 (Lower BB)
S2: 124.12 (110-EMA)
Major Resistance Levels:
R1: 135.78 (5-DMA)
R2: 138.37 (21-EMA)
Summary: USD/JPY slumps below 200-DMA, outlook bearish. Immediate support is seen at 55-week EMA at 131.71, break below will drag the pair lower.
