usdjpy technical analysis

today stocks edge higher, USD lower, JPY advances as BOJ halts stimulusUSD/JPY pair fell from 120.30 levels to trade at 118.60,after the Bank of Japan said further weakness in the Yen would hurt consumer sentiment. BOJ’s statements helped Yen strengthen across the board.

The pair rose above 120.00 levels in the previous session, after having bounced-off from the 117.20 post the strong US data on Friday.

The immediate support is seen at 118.600, under which losses could be extended to 118.200 levels. On the flip side, resistance is seen at 119.60 area and you can see the charts that its look like a bounce for continuing  moving  up to the levels I mention last post

 usdjpy to 123-124 area  and even to 127. With the strength of friday closed, there seems to be quite a bit of underlying buying pressure in this marketplace as the Yen continues offer very little in the way of returns.

The 117.80-118 level looks like it  a bit of a floor at this point”        

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice

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