USD/JPY chart - Trading View
USD/JPY was trading 0.61% higher on the day at 108.25 at 04:40 GMT, edges lower from session highs at 108.38.
The pair erased partial gains after the Bank of Japan (BOJ) stays pat and conveys economic uncertainty in the quarterly report.
The BOJ left its monetary policy settings untouched following the conclusion of its two-day April monetary policy review meeting on Tuesday.
The central bank kept the benchmark policy rate on hold at -10bps while maintaining its pledge to buy J-REITS at an annual pace of up to JPY180 bln.
Price action has retraced brief dip below 55-EMA and is currently hovering around 200H MA. Decisive break above will buoy bulls.
Major Support Levels:
S1: 107.96 (55-EMA)
S2: 107.41 (110W EMA)
S3: 106.98 (110-EMA)
Major Resistance Levels:
R1: 108.62 (21-EMA)
R2: 108.92 (200W MA)
R3: 109.08 (20-DMA)
Summary: Technical bias is turning bullish again. Pullback has bounced off daily cloud and oscillators are on verge of rollover from oversold levels. Immediate resistance is seen at 21-EMA at 108.62. Decisive break above 200W MA at 108.92 will see upside continuation.
