USD/JPY
Review- BOJ MEETING
The Bank of Japan policymakers yesterday lowered their growth expectations for the economy, as tepid data and a sales tax rise fueled fears about the strength of the nation’s recovery. Central bank policymakers will expect the world’s No. 3 economy to expand by 1.1 percent in the fiscal year to next March, down from an earlier 1.4 percent forecast, according to the report which gauges the median of members’ views. Inflation would come in at 1.3 percent over the same time period that was unchanged from a previous forecast.
Technical view-
The pair has been in an uptrend from 101.33 (double bottom). As of now, the pair opened today on a bullish note. For intraday prespective, we are recommending to buy this pair for targets at 102.40, cmp 102.21 levels. The pair has strong support at 101.97, keep a sl at 101.97, traders can go long at cmp. Sellers can enter shorts at 101.87 for targets at 101.50, 101.42 and 101.33.
On the upper side, the pair has strong resistance at 50 SMA 102.44 levels in the H4 chart. If it sustains above this, it will zoom up to 102.78 and 103 levels.
On the positional basis, until the pair trades below 104.11, a downside move is still open for 100.6 and 99.5 with intermediate ups and downs. In the weekly charts, the RSI is in consolidation stage. The pair has been trading at the lower side of the flag pattern for the last 4 weeks. A break below 101.33 will start falling for an immediate target at 100.6 levels. Week close below this, a major downfall will start. In next week's trading sessions, if the pair holds the 101.97 and 101.33, we will see a huge upside targeting 103.40 and 104.11 levels immediately.
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