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FxWirePro: USDJPY downside capped by 200-H MA, good to sell on rallies
USDJPY declined slightly till 107.80 for the day after BOJ monetary policy. The Bank of Japan has kept its rates unchanged and signaled the chance of easing in the October meeting. The pair have shown minor recovery of 30 pips from intraday low and is currently trading around 108.01.
On the flip side, 107.80 (200-day MA) will be acting as near term support and any break below will drag the 107.40/106.80. Bearish continuation only below 104.40.
The major resistance is around 108.47-50 high made after Fed monetary policy and any break above will take the pair till 109/109.31.
It is good to sell on rallies around 108.05-10 with SL around 108.50 for the TP of 107.