USD/JPY Stays Tight ahead of BoJ Meeting

by Admin

Awards 2013

USD/JPY 1H chart 4/25/2013 7:40AM EDT


Ahead of BoJ: The USD/JPY failed to break through the 100 level this week, mostly likely because the market is tentative ahead of the BoJ meeting later tonight, or morning the 4/26 Asian session. There is a range between a 98.48 low and the 100 resistance. If the market breaks out of this range after the BoJ meeting tonight, we should anticipate some moves. A break above 100 is bullish continuation, with 101.43, 2009 high as the first near-term target. A break below 98.48 is a sign of topping, which can open up a breakout target toward 96.00 (projecting the width of the broken range which is about 250 pips).