is staying close to 50% Fibo retracement of its last downward movement around 103.40 area. With a decisive move above that resistance pair may target 104.10/20 area where Fibo %61.8 retracement of the same movement and Fibo %38.2 retracement of major downfall that started towards the end of January and lasted for about 6 months is located (red horizontal line). Also the fact that the pair is above its 50 DMA is also support continuation of upward movement. 101.20 area where 20 DMA and Fibo %23.6 retracement is located is the first short term support that may attract the buyers again in case of a downward consolidation.
BoJ is one of the other major banks that signal more expansion in near future. Latest comments from government and BoJ officials show that they leave the door open for more interest rate cuts further into negative area.
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