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USD/JPY set to retest 110.00 shortly

FXStreet (Bali) - USD/JPY is holding above its important 109.60-70 support level on the back of a strong US NFP last Friday, with the topside so far being limited by 109.90.

Technically, according to Jim Langlands, Founder at FXCharts, the market looks set to take another stab at 110.08, the 1 Oct high. Jim said that "there is no change in the view, in that dips remain buying opportunities, for what I suspect could be considerably higher levels in the months to come."

In terms of fundamentals, the main market interest will be on tomorrow's BOJ policy meeting, with no change expected. As Jim notes, "the Governor, Kuroda, repeated on Friday that the BOJ still wishes to achieve the 2% inflation as soon as possible and that a weak Yen won’t be problematic so long as it reflects fundamentals."

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