USD/JPY spiked above the post-FOMC high to hit 121.48, staging a solid recovery from the BOJ-led slump
- The pair recovered from 120.34 lows, bulls fighting back to regain control
- Markets now await the BOJ Semi-Annual Outlook followed by Governor Kuroda's press conference for further momentum on the major
- BoJ is likely to downgrade the assessment of Japan's CPI and GDP forecasts, which may keep the gains restricted in the yen
- USD/JPY is currently trading at 121.15, with immediate resistance at 121.48 (double top 23rd, 26th Oct)
- Supports on the downside are located at 121.01 (200 DMA), then at 120.72 (55 EMA) and further below at 120.20 (20 DMA)
