FX:USDJPY   U.S. Dollar/Japanese Yen
46 0 3
Current trend

Last week, the Japanese Yen             gained support when the Bank of Japan decided to keep monetary policy unchanged. BoJ Governor gave a generally favorable outlook of the country’s economy.

At present, the USD/ JPY pair still tends to continue declining.
However, Japan is undergoing a period of a weak growth in Industrial Production, Services PMI and a decline in exports. Moreover, inflation will remain low in the medium term. Thus, BoJ might have to consider further changes to monetary policy .

Support and resistance

A decline in the pair has stopped at the support level of 120.55 (EMA200 on the daily chart and 61.8% Fibonacci) which is also the lower border of an ascending channel on the daily chart . While the price remains above this level, it tends to grow in the medium term.

The breakout of the resistance levels of 121.35, 121.50 (50.0% Fibonacci), 122.00 (EMA200 and EMA144 on the 4-hour chart), 122.50 (38.2% Fibonacci) would allow the price to strengthen to 123.70 (23.6% Fibonacci), 124.50 and 125.00 (upper border of the ascending channel on the daily chart ).

On the 4-hour, daily and weekly charts, OsMA histogram is near the zero line. Amid a decline in trading activity due to the upcoming holidays, the pair is likely to remain near the level of 121.00.

Support levels: 120.55, 120.00, 118.85.
Resistance levels: 121.35, 121.50, 122.00, 122.50, 123.00, 123.70.

Trading tips

Long positions can be opened from the level of 121.60 with targets at 121.90, 122.00, 122.50, 123.00, 123.50, 123.70, 124.00, 124.50, 125.00 and stop-loss at 121.20.
Short positions can be opened from the level of 120.35 with targets at 120.00, 118.85, 118.00 and stop-loss at 120.75.
More analytic from LiteForex https://www.liteforex.com/trading/forex-analysis/?uid=880952068&cid=12118
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