USD/JPY hovers around 121.00 ahead of BoJ policy decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY managed to climb further over the last hours and erased completely intraday losses despite a lower-than-expected US GDP reading.

    The dollar shrugged off news the US economic growth cooled in the third quarter and climbed back above the 121 mark against the yen. At time of writing, USD/JPY is trading at 121.10, virtually unchanged since opening.

    After the Fed left the door open to a December rate hike, the Bank of Japan will announce its monetary policy decision next Asian session. Consensus calls for no changes in BoJ interest rates or asset purchases.

    USD/JPY levels to watch

    In terms of technical levels, next resistances for USD/JPY are seen at 121.25 (Oct 28 high), 121.50 (Oct 26 high) and then 121.77 (61.8% Fibo retracement of 125.27-116.16) and 121.89 (100-day SMA). On the flip side, supports could be faced at 120.44 (10-day SMA), 120.13 (50- and 20-day SMAs crossover) and 120.00 (psychological level/Oct 28 low).
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