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Forex pairs in this Article » USD/JPY (Bali) - USD/JPY continues to display a directionless bias, with technicalS still unclear short term ahead of the BOJ monetary policy announcement later today - anytime from 3 to 5GMT - , in which consensus is to end up being a non-event, despite Nomura has warned about slight risks of "decreasing expectations for an early easing..."

USD/JPY price action this week

Price action in USD/JPY has been stuck in a 103.85 - 104.75 range, with price currently trading at 104.30, just above the daily kijun/tenkan flat lines. The latest rise in the pair came as a result of solid gains in the Nikkei 225 Tuesday (+1.5%), while a retreat in US stocks and US Treasury yields saw the prices ease again.

USD/JPY buying/selling interest

Market sources report buying interest around 103.85/104.00, with stops again thought to be around 103.70. As per the selling interest, 105.00 should see sizeable clusters of offers, with stop loss orders overhead.

USD/JPY technical

According to Valeria Bednarik, Chief Analyst at FXStreet: "USD/JPY is gaining short term bearish tone according to the hourly chart, with indicators in negative territory and price below moving averages. The 4 hours chart shows indicators entering negative territory below their midlines, but with momentum lacking actual strength."
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