Yen regained lost footing versus the Greenback, knocking-off USD/JPY back below 121 handle.
- USD/JPY slipped 200 DMA at 121.01, downside gains momentum on BOJ Governor Kuroda's comments
- The Japanese currency experienced wild swings on both sides after BOJ's policy meeting, USD/JPY day's range 121.48/120.31
- Market continues to trade below 121.79 - 61.8% retrace of the 125.28-116.15 fall
- The pair is now trading at 120.73, with immediate support at 120.60 (4h cloud base), and then at 120.45 (Daily Tenkan)
- Resistance on the upside is located 121.00 (200 DMA) ahead of 121.48 (double top 23rd, 26th Oct)
- Stochs are at oversold and show a bearish crossover, RSI is also biased lower
- Focus now on US economic releases due later today, which may set the tone for further USD moves ahead of the NFP week
Recommendation: Good to sell rallies around 120.85, SL: 121.20, TP: 120.50
Resistance Levels:
R1: 121.00 (200 DMA)
R2: 121.48 (double top 23rd, 26th Oct)
R3: 121.50 (Session High Oct 30)
Support Levels:
S1: 120.60 (4H cloud base)
S2: 120.45 (Daily Tenkan)
S3: 120.18 (20 DMA)
