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.
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.
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