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USD/JPY chart on Trading View used for analysis
- BoJ holds policy unchanged, as widely expected. Holds rates at -10bps while maintaining 10yr JGB yield target at 0.00%.
- The central bank also made no changes to a new forward guidance, pledges to keep interest rates extremely low for an extended period.
- The central bank made downward revisions to the Japanese growth and inflation forecasts.
- The pair is consolidating previous sessions gains above 113 handle and is poised to extend its advance up to 113.40 (Sept 8 high).
Support levels - 112.60 (5-DMA), 112.20 (55-EMA), 111.54 (110-EMA)
Resistance levels - 113.40 (Sept 8 high), 114, 114.55 (Oct 4 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-bounces-off-daily-cloud-positive-momentum-likely-to-continue-good-to-go-long-on-dips-1450650) has hit TP1/2.
Recommendation: Book partial profits at highs. Hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
