USDYEN BULLISH AFTER FED AND BOJ
The USDJPY pair has moved to its highest trading level since July 17th, hitting 112.64, after the Federal Reserve announced that they will start to taper their balance sheet in October and look to raise U.S interest rates one more time in 2017.
The Bank of Japan interest rate decision and press conference has largely been a non-event for foreign exchange markets, as the BOJ choose to keep monetary unchanged. The USDJPY pair trades close to its 8-week high, with price-action currently around the 112.40 region.
The USDJPY pair now trades above its monthly pivot point and 200-week moving average, indicating that the pair is now bullish in the medium and long-term while trading above these important technical levels.
Key intraday technical USDJPY resistance above the current daily price high is found at the 112.86, 113.20 and 113.89 levels.
Key intraday USDJPY support is found at the July 26th price high, at 112.19, and the pairs daily pivot point, at 111.98.
Below the 111.98 level, further intraday support is found at 111.87, and the USDJPY monthly pivot point, at 111.65.