BOJ Meeting in Focus, USD/JPY Daily Key Support at 107.00
Ming Lam April 27, 2020 5:09 AM
USD/JPY is holding key support at 107.00, but caution is advised...
The Bank of Japan will start a two-day monetary policy meeting later today, and is widely expect to maintain its benchmark interest rate unchanged at Negative -0.100%.
Meawnwhile, Japanese Finance Minister Taro Aso said this morning that he would expect the central bank to support financial market stability and corporate finance.
USD/JPY: Daily Chart
Source: GAIN Capital, TradingView
Concerning the technical analysis for USD/JPY, the pair has managed to hold the key support at 107.00.
In fact, it remains at levels below both 20-day and 50-day moving averages. Therefore Caution is still advised.
Trading above the key support at 107.00, the pair still stands chances of looking up at resistance levels at 108.65 and 109.40 on the upside.
Alternatively, a clear break below 107.00 would make the pair search for support at 105.85 on the downside.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.