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USD/JPY- stuck at 23.6% Fibo ahead of BOJ

FX:USDJPY   U.S. Dollar/Japanese Yen
Resistance –111.93, 112.80

Support – 111.36, 110.67

  • Daily chart shows breach of falling trend line on last Friday, but failure to take out 23.6% Fibo.
  • Rejection at 111.93 or failure to sustain above 111.93 despite dovish BOJ could reinforce bears and open doors for a fall back to 110.67 levels.
  • On the other hand, a beak above 112.80 would add more credence to last Friday’s bullish move and expose resistance at 113.80 and 114.59 (38.2% of 125.857-107.63).
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