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USD/JPY clings to narrow range ahead of BoJ meeting

FXstreet.com (Barcelona) - The USD/JPY is drifting higher in Asia trade, up 15 pips at 102.50 and sitting just below key short term resistance of 102.90 (previous day high) as the Bank of Japan monetary policy release nears.

According to Sean Callow at Westpac, “the Bank of Japan policy meeting concludes today. There is no expectation of any policy change but plenty of headlines from the statement and the press conference by Governor Kuroda. The policy announcement is not at a fixed time as usual; the earliest release over the past year was around11:40am local/12:40pm Syd/10:40am Sing/HK but decisions – especially steady hands – are usually revealed in the 12-1pm Tokyo window. The press conference is set for 4:30pmSyd/2:30pm Sing/HK, with Kuroda likely to dodge questions on JPY.”

From a longer term technical perspective, the overall trend remains bullish on the daily chart, with price remaining above the short term moving averages and RSI (14) continuing to consolidate above 60. ">Analysts at FXStreet.com had this to say, “the pair continues to show choppy conditions, slowing down its advance while trapped between supply and demand. On the upside, a break above 103.15-30 supply allows to dream about 105.00 next big supply, while 101.00 starts to provide decent demand.”

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