Chart - Courtesy Trading View
USD/JPY was trading 0.75% higher on the day at 120.36 at around 05:00 GMT, outlook is bullish.
The Japanese yen remains sold-off after the Bank of Japan (BOJ) kept interest rates unchanged at -0.1%.
Also, the risk barometer continued its five-day winning streak on Tuesday aiding the broader sell-off in the haven Japanese yen.
Investors will focus on Tokyo’s Consumer Price Index (CPI) numbers from the Statistics Bureau of Japan, due on Thursday for further impetus.
Technical indicators are strongly bullish. Oscillators are at overbought levels, but no signs of reversal seen.
Major Support Levels:
S1: 119.25 (5-DMA)
S2: 118.10 (200H MA)
S3: 117.24 (21-EMA)
Major Resistance Levels:
R1: 121
R2: 121.48 (2016 high)
R3: 122
Summary: USD/JPY is likely to witness further upside amid bullish technicals, risk-aversion and firmer yields. Next bull target lies at 121.48 (2016 high).


FxWirePro: USD/CAD positions for another climb, eyes 1.4150 level
BTC, ETH, SOL, XRP, and BNB: Major Crypto Pairs Stay Neutral
JPY Action Bias: USDJPY, EURJPY, and CADJPY Emerge as Top Extremely Bullish Picks
FxWirePro: USD/CNY dips as yuan firms on improving risk appetite
FxWirePro- Major Pair levels and bias summary
FxWirePro: USD/ZAR retreats slightly but bias is bullish
AUDJPY Extends Four-Day Rally on Yen Weakness: Bullish Dip-Buy Eyes 117-118
FxWirePro- Major Crypto levels and bias summary
Major Pairs Action Bias: USDCHF Emerges Extremely Bullish as EURUSD and GBPUSD Turn Deeply Bearish
FxWirePro: EUR/NZD downside pressure builds, key support level in focus
Major Pair Action Bias: Bullish Pairs to Watch Out For
JPY Action Bias: Bullish Pairs to Watch Out For
AUDJPY Action Bias: Bullish Dip-Buy Setup Despite Flat Neutral Bias
FxWirePro: GBP/AUD under pressure as pound continues to weaken
FxWirePro: GBP/USD downtrend loses steam but outlook still bearish
FxWirePro- Woodies pivot (Major) 



