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Forex pairs in this Article » EUR/USD, USD/JPY (Bali) - USD/JPY has been holding onto recent gains, with bids clustered ahead of 104.00 providing technical cushion for the pair ahead of the BoJ monetary policy decision (non-event anticipated) and a long weekend in Japan.

The USD/JPY, as usual, will find clues on direction on the Nikkei 225, which continues buoyant near highs, yet still not having confirmed a breakout into new year highs as opposed to the USD/JPY.

It is expected that Gotobi (importers) demand may provide early support for the pair. There has been reports on a 104.50 option barrier ahead of an even larger one at the round number 105.00. Expect cluster of stops above each level, with size thought to be significantly greater past above the 105.00 vicinity.
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