FXStreet (Mumbai) - The USD/JPY spiked after the BOJ announced a new program to buy the ETFs (Exchange Traded Funds) and extended the average duration of JGB purchases to 7-12 years. Yen offered on BOJ surprise? As per Bloomberg survey, 42 economists were expecting the BOJ to stay pat. Consequently, decision to announce a new ETF program and an extension of the average duration of JGB purchases caught the market by surprise. The new program is set to begin from April 2016. The ETF purchases are to include stocks issued by firms active in investment in CAPEX and human resources. The pair rose to a high of 123.55 before trimming part of the post-BOJ gains to trade around 123.20 levels. USD/JPY Technical Levels The immediate resistance is seen at (76.4% of 125.856-116.082), above which the pair could rise to 124.48 (July 21 high). A beak higher would expose 125.28 (Aug 12 high). On the other hand, a break below 122.50-122.12 (61.8% of 125.856-116.082) would expose 200-DMA at 121.59. For more information, read our latest forex news.