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USD/JPY back below 109.00 on BOJ no change

FXStreet (Moscow) - USD/JPY started the Asian session at 108.77 and dipped towards the intraday low at 108.75 on the back BOJ decision after having traded at 109.23

No surprise from BOJ

USD/JPY dipped below 109.00 and finished Monday at 108.76 on the back of broad USD correction. It seems that traders were eager to take profit from long USD positions after Friday’s rally. After an initial rally towards 109.23, the pair is back below 109.00 pivot on the back of BOJ monetary policy decision that was postponed due to Kuroda’s testimony in parliament. The Governor has already told the parliament that current JPY weakness is not a bad thing for the economy (while Abe was reported to air the opposite view). Basically, that’s all traders wanted to know. The policy rate and QE program were left unchanged, as expected.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 109.10 with support below at 108.33, 107.88 and 107.11 with resistance above at 109.55, 110.31 and 110.77. Hourly Moving Averages are mixed, with the 200SMA bearish at 109.20 and the daily 20EMA bullish at 108.15. Hourly RSI is bearish at 49.

Japan Coincident Index dipped from previous 109.9 to 108.5 in August

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