Resistance –111.93, 112.80
Support – 111.36, 110.67
Support – 111.36, 110.67
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USD/JPY caught a bid wave in Asia ahead of Bank of Japan rate decision. The bullish move once again lost steam as it neared 111.93 (23.6% of 125.857-107.63).
- Daily chart shows breach of falling trend line on last Friday, but failure to take out 23.6% Fibo.
- Rejection at 111.93 or failure to sustain above 111.93 despite dovish BOJ could reinforce bears and open doors for a fall back to 110.67 levels.
- On the other hand, a beak above 112.80 would add more credence to last Friday’s bullish move and expose resistance at 113.80 and 114.59 (38.2% of 125.857-107.63).
