FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that BOJ's on-hold stance was pretty much as expected. Key Quotes: The Bank of Japan economic policy meeting of this October 7th passed with no changes, and the Japanese yen appreciated afterwards, despite risk appetite prevailed among stocks' traders." "The USD/JPY pair fell down to 119.75 intraday, but recovered back above the 120.00 level, where is now consolidating with a pretty neutral technical stance, both short and long term." "The 1 hour chart shows that the technical indicators recovered from oversold levels, but turned flat below their mid-lines, whilst the price is stuck around the 100 and 200 SMAs, both converging with the current price. In the 4 hours chart, the price is a handful of pips below its moving averages, while the technical indicators are also flat around their mid-lines. Given that stocks in Europe and America present a positive tone, the downside in the pair seems limited, with the immediate resistance now at 120.35, followed later by the 120.70 price zone." For more information, read our latest forex news.