USDJPY BOUNCES FROM 50 PERCENT FIBONACCI RETRACEMENT

The USDJPY pair has moved above the 112 level, following the Bank of Japan interest rate decision and monetary policy statement. The BOJ decided to keep monetary policy unchanged, but revised future inflation targets lower, boosting the USDJPY.

Earlier the pair had bounced higher from the 111.55 level, which was strong USDJPY technical support, representing the 50 percent Fibonacci retracement of the 114.49 June price high, to the May price low, at 108.80.

Key intraday technical support for the USDJPY pair is found at the daily pivot point, at 111.89. Further support is found at the current weekly price low, at 111.55, and the monthly pivot point, at 111.38.

To the upside, the July 18th swing price high, at 112.37 offers strong intraday technical resistance for the USDJPY pair. The 200 day moving average is found at 112.87, whilst the weekly pivot point sits at 113.10.