ADS Securities: USDJPY BoJ meeting technical analysis

The Bank of Japan meeting will take place tomorrow early morning. Hence, ADS Securities team has shared its USDJPY BoJ meeting technical analysis ahead the press conference. 

26 April, ADS Securities – Yesterday, the US Dollar registered significant gains against the Yen to close at 111.08, following reports that new home sales in the US surprisingly rose at its fastest pace since July 2016, signaling at the continuous strength in the US economy.

USDJPY BoJ meeting technical analysis

Currently, the pair is trading with a strong bias on the 1H chart, indicating the presence of bullish momentum in the near term. Moreover, the MACD is trading at a higher level above it centreline, further endorsing the above view.
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USDJPY levels

Key resistance aligns at the 111.55 level, followed by the 111.75 and psychological 112.00 levels. A surge above the latter might lead to further upside momentum in the pair. Meanwhile, important support resides at the 111.15 level, followed by the 110.70 and 110.40 level where EMA 55 is trading. A breach below the latter might change the main trend to bearish.

ADS Securities Risk Disclaimer

This technical analysis about USDJPY is intended solely for the person or entity to whom it is addressed. Such person or entity is prohibited from disseminating, distributing, transmitting or forwarding this communication to any other person or entity. Also, this communication may not be used in whole or in part by any person or entity. Which it was not originally directed to by ADS Securities LLC (“ADSS”, “us” or “we”). Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

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