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USDJPY trades sideways ahead of BoJ meeting
USDJPY has been in a steady advance since its five-month bottom of 140.24 registered in late December, posting consecutive higher highs. However, the rally seems to have taken a breather in the past few four-hour sessions as momentum indicators suggest that bullish pressures are fading. Should the pair reverse lower, immediate support could be found at 147.44, which is the 61.8% Fibonacci retracement of the 151.89-140.24 downleg. Further retreats could then come to a halt at the 50.0% Fibo of 146.07. Even lower, the 38.2% Fibo of 144.69 may provide downside protection. Alternatively, if buying pressures re-emerge, ... (full story)