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Forex pairs in this Article » USD/JPY (London) - USD/JPY has been in buy on dips mode on the charts, with the market offering a major opportunity when the pair moved lower, piercing the ascending support line with little conviction post FOMC minutes.

The minutes came with no real and revealed that a number of the members wanted to proceed cautiously with first cut to QE, use measured steps. "Most" concerned about QE risks to financial stability and “Most” participants are confident in jobs market gains. Officials saw waning benefits from monthly bond purchases and some wanted large cuts to purchases. Earlier, Strategists at TD Securities explained that a Japanese government official commented that the correction to the JPY’s “excessive” strength was not over, JPY could weaken further on fundamentals.

USD/JPY Levels

The 20 DMA is 104.20, the 50 DMA is 102.03 and the 200 DMA is 99.57. RSI (14) reads 44.69. Supports are 103.74, 103.91, 104.09, 104.33. Spot is 104.88 with resistances at 105.04, 105.50, 106.00 and 106.29.
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