The yen grew when the Bank of Japan left its monetary policy unchanged as expected. The Bank estimates the economic impact of its January decision to lower the rate to negative values. This decision did not weaken the yen, some of traders still believe that the Bank of Japan’s mitigation measures lost its effectiveness. Now the Federal Reserve’s meeting is a focus of traders’ attention.
The first support resides at 113.00, the next is at 112.20. The first resistance stands at 113.80, the next one is at 114.60.
The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Dead Cross”.
The MACD indicator is in a neutral territory. The price is decreasing.
The buyers need to break above 113.80 for a steady growth. The sellers need to break below 113.00 for a steady decrease.