FxWirePro- Major Crypto levels and bias summary 
FxWirePro- Major Crypto levels and bias summary 
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USD/JPY chart - Trading View
Spot Analysis:
USD/JPY was trading 0.36% higher on the day at 109.58 at around 06:40 GMT
Previous Week's High/ Low: 110.16/ 109.11
Previous Session's High/ Low: 109.70/ 109.18
Fundamental Overview:
The Bank of Japan (BOJ) kept benchmark interest rate unchanged at -0.10%, in line with wide market expectations.
The central bank revised down economic outlook on virus woes, adding that Japan's economy is likely to recover as impact of pandemic gradually subsides.
Earlier in the day, the International Monetary Fund’s (IMF) Chief Economist Gita Gopinath also sounded optimistic over China’s ability to tame the fears emanating from the real-estate firm.
Risk sentiment buoyed as Evergrande hints at paying the coupon on onshore bonds at the September 23 expiry.
Technical Analysis:
- USD/JPY bounces off 'Symmetric Triangle' base
- The pair has been grinding sideways along 21-week EMA support
- Price action is below daily Ichimoku cloud
- Momentum studies are bearish and volatility is shrinking with scope for breakout
Major Support and Resistance Levels:
Support - 108.74 (200-week MA), Resistance - 109.73 (21-EMA)
Summary: USD/JPY keep its recovery momentum intact as markets remain risk-on after Evergrande hints at coupon payment.
FOMC meeting will be the crucial deciding factor for price movement. Break out of 'Symmetric Triangle' pattern will provide a clear directional bias for the pair.
