USDJPY is a nice pair having mechanical behaviour to political and economic statements and decision.
Remember when FEd decided QE1, USD shrink against the YEN, but when BoJ decided to put its QE, it was the otherway around.
At the present, we do have FED's Tappering vs Boj decision to put an end to the QE. But BoJ push really hard the QE. where as FED's QE1+2+3 were more gradual as the tappering is at the present.
Technicaly speaking it appears that we are on an overbought level and therefore, there may be a technical correction on the dowside of the pair, in favor of YEN until 101.8 or 101.5 where there is a solid support level.
After reaching that technical level for a correction, USD may go again on the upside toward 104 or around.
Remember when FEd decided QE1, USD shrink against the YEN, but when BoJ decided to put its QE, it was the otherway around.
At the present, we do have FED's Tappering vs Boj decision to put an end to the QE. But BoJ push really hard the QE. where as FED's QE1+2+3 were more gradual as the tappering is at the present.
Technicaly speaking it appears that we are on an overbought level and therefore, there may be a technical correction on the dowside of the pair, in favor of YEN until 101.8 or 101.5 where there is a solid support level.
After reaching that technical level for a correction, USD may go again on the upside toward 104 or around.
