• USD/JPY struck fresh session lows at 119.80 in an immediate reaction to the Bank of Japan monetary policy decision
  
  
• BoJ left the monetary policy settings unchanged with asset purchases to increase at an annual pace of about 80 trn yen
  
  
• BOJ decision boosted the yen versus the US dollar, pushing USD/JPY nearly 40 pips down from around 120.15 region to fresh lows by 119.76
  
  
• The pair has recovered from lows to retake the 120 handle and is currently trading at 120.09
  
  
• Daily cloud top at 120.39 offers strong resistance, while daily Tenkan at 119.96 is support on the downside
  
  
• The pair is set to extend sideways consolidation for now, has been trading a 121.25 - 118.60 range since September 
  
  
• Longer term momentum is bullish, breaks above 120.86 could see some momentum higher