Since post-FOMC move from 108.80 to 111.80, Yen's been trading in an 80-pip range. BOJ released Summary of Opinions from their most recent meeting which confirmed that the bank is not planning any tightening in monetary policy just yet, at least not publicly.
USD/JPY has been sandwiched between 200 and 100 DMA, and whichever will give way first will suggest direction for the next leg. An upside break appears more likely at the moment with 112 and 112.50 the targets. Conversely, a break below 111 could see a retest of 110.
USD/JPY has been sandwiched between 200 and 100 DMA, and whichever will give way first will suggest direction for the next leg. An upside break appears more likely at the moment with 112 and 112.50 the targets. Conversely, a break below 111 could see a retest of 110.
