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USD/JPY jerked down on BOJ

FXStreet (Moscow) - USD/JPY headed South as BoJ kept its monetary policy and QE program unchanged; bearish momentum is weak as the pair dipped to 104.80 and quickly recovered to the current level of 104.86.

BoJ meeting is a non-event

USD/JPY showed muted reaction to the Bank of Japan’s monetary policy decision as both the policy rate and the QE scheme were left unchanged, in accordance with market expectations. Now the focus shifts onto Kuroda’s press conference. The head of BoJ is expected to confirm his confidence in achieving 2% inflation target and sound mildly optimistic about the economy despite the latest string of poor data. JPY may strengthen on the lack of additional easing promises, though a massive reaction is unlikely as this outcome is mostly priced in.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 104.95, with support below at 104.57, 104.36 and 103.98 with resistance above at 105.17, 105.55, and 105.76. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 104.23 and the daily 20EMA bullish at 103.59. Hourly RSI is bearish at 47.

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