FxWirePro: USD/JPY consolidates early weakness, all eyes on BOJ after Kuroda says 'closely monitoring the market moves'

USD/JPY chart - Trading View 

USD/JPY has paused 5 straight sessions of gains and was trading 0.41% lower on the day at 110.74 at around 09:10 GMT.

The pair hit session lows at 110.08 before paring some losses, holds support at 5-DMA.

Bank of Japan Governor Kuroda has said that the central bank is closely monitoring the market moves.

He added that the exchange-traded funds (ETF) paper loss is estimated to be about JPY 2-3 trillion now.

GMMA indicator shows - major trend is turning bullish, while minor trend is bullish.

Price action is above 200-DMA and daily cloud, momentum studies are bullish.

Volatility is rising and there is scope for further upside. Next hurdle for the bulls aligns at upper Bollinger band at 112.437.

Breach below 5-DMA (110.22) eyes next major support at 50-DMA (108.95). Retrace below 200-DMA negates upside bias.