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USD/JPY and BoJ monthly economic meeting - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the USD/JPY pair recovered ground this Thursday, reaching a daily high of 122.80 and holding nearby ahead of the Asian opening, when the Bank of Japan will have its monthly economic meeting.

    Key Quotes:

    "However, recent upbeat data points to an on-hold stance from the BOJ, in its last policy decision of the year, despite inflation remains far below the 2.0% target.

    Anyway, the pair hold into gains even despite US stocks turned sharply lower in the American afternoon, and the 1 hour chart shows that the price holds well above its 100 and 200 SMAs, with the shortest slowly advancing below the largest. In the same chart, the RSI indicator stands flat near overbought territory, while the Momentum indicator lacks directional strength, but holds in positive territory, far from suggesting a short term decline.

    In the 4 hours chart, the price has advanced above its moving averages for the first time in over a week, while the RSI indicator heads strongly higher near overbought levels and the Momentum indicator hovers also near overbought territory."
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