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Forex pairs in this Article » USD/JPY (Barcelona) - In a day when all the markets focus will be around the BoJ meeting today later on, expected to end starting from 03:30 GMT, USDJPY is currently spiking to the upside, last at 89.78, off recent session highs at 89.87, around same NY session highs. The move comes on the back of new headlines from Asahi news agency, saying the inflation target of 2%, would be set for the "near term", something more aggressive than what market expects.

As Valeria Bednarik notes, Chief Analyst at "technical readings in the hourly chart turn lower around their midlines, although price stands above moving averages, which for now, limit the downside." Valeria adds: "As mentioned on previous update, pair needs now to break above recent high of 90.25 to resume the upside. Below 88.80 however, risk of further falls increase for today," she concludes.

The analyst locates support levels at: 89.30, 89.05 and 88.80, while resistance levels at: 89.90, 90.25 and 90.40.
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