Sforex
Long

USDJPY: BOJ Meeting on Super Thursday, a chance to buy Yen.

FX:USDJPY   U.S. Dollar/Japanese Yen
169 0 1
Last week, I was wrong when I chose SHORT USDJPY             while the fact was LONG.

This week, the main focus is BOJ Meeting on Thursday. I very sympathize PM Shinzo Abe             about his effort to improve Japan economy, but It seems Japan economy is lossing momentum despite PM Shinzo Abe             and BOJ used three arrows called Abenomics. Low inlfation and low export damaged to his plan, and this is the right time to do something before 2015 end.

Here is my viewpoint, I believe BOJ will inject more liquidity to market, expand QE             will be the option on the table. Depreciate Yen is the main object of BOJ next meeting.

- Technical Analysis

To trade USDJPY             , we need a strong patience and strong sense. I've waited for two months for a break above Kumo cloud and 120.50 resistance zone. When I think it cann't break this resistance, USDJPY             inversely move to opposite my view.

Now RSI Indicator broke its resistance at 50 and move higher to overbought zone.

- Kumo cloud
- SMA200 ( Key level
- Resistance zone at 120.50

All of levels was destroyed; the trend now is uptrend.

BOJ Meeting will provide a chance to buy USDJPY             .

However, I encourage to buy USDJPY             at around 120.50 level where old resistance became a meaningful support.
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