FxWirePro: USD/JPY recovery capped at 121.48, Kuroda’s presser awaited

USD/JPY spiked above the post-FOMC high to hit 121.48, staging a solid recovery from the BOJ-led slump 

• The pair recovered from 120.34 lows, bulls fighting back to regain control 
   
• Markets now await the BOJ Semi-Annual Outlook followed by Governor Kuroda's press conference for further momentum on the major
   
• BoJ is likely to downgrade the assessment of Japan's CPI and GDP forecasts, which may keep the gains restricted in the yen
   
• USD/JPY is currently trading at 121.15, with immediate resistance at 121.48 (double top 23rd, 26th Oct)
   
• Supports on the downside are located at 121.01 (200 DMA), then at 120.72 (55 EMA) and further below at 120.20 (20 DMA)