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FxWirePro: USD/JPY fades a knee-jerk spike to 114.14 post BoJ, slips below 113.50, focus now on Kuroda’s presser

  • BoJ policy meeting saw no changes, the central bank kept interest rate at -0.1% and maintained 80 trln yen base money target.
     
  • The central bank removed language from its statement that it will cut interest rates further into negative territory if judged necessary.
     
  • The Yen initially slipped but regained control and inched higher against the US dollar.
     
  • USD/JPY hit session lows at 113.29, and has slipped further as we write to break below cloud top support at 113.26.
     
  • Momentum is lower, test of 113 and then 112.70 likely, markets focus on Kuroda’s presser for further direction.

Recommendation: Good to sell rallies around 113.30, SL: 113.70, TP: 113/112.70
 

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