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USD/JPY: Buy above 113.50 : FxWirePro | December 21, 2017
USD/JPY 0.11% has shown a good recovery from minor bottom at 112.03. The pair jumped till 113.45 yesterday and is currently trading around 113.43.
BOJ has kept its interest rates unchanged at -0.1% and 10 Year JGB target at 0%. The central bank will continue to buy and annual amount of JPY 80T JGBs. BOJ said in a statement that “Japan’s economy is expanding moderately and likelihood of inflation reaching 2% target is very low.
Technically, near term major resistance is around 113.48 ( trend line joining 114.73 and 113.75) and any break above will take the pair to next level till 114/114.73/115.
On the lower side, near term support is around 112.74 (4H kijun-sen) and any break below will drag the pair to next level till 112/111.40.
It is good to buy above 113.50 with SL around 112.74 for the TP 114.73/115.
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