The Bank of Japan kept its monetary policy unchanged, despite the weak global growth and low inflation.
The yen was able to strengthen at yesterday’s trades. The pair decreased from the level 105.50. The USD/JPY was able to set a new local low at the mark 103.50. In general the pair lost about 1.40% during Thursday. The resistance is at 105.30, the support is at 104.50.
After MACD decreased, there was a sell signal from the indicator. RSI is in the oversold level. If RSI remain in the oversold area we will get another sell signal. Alternatively, if it grows it will give an opposite signal. The pair USD/JPY is below the Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages direction is downwards. The pair is on the year lows on the daily chart. The pair is on the year lows.
The pair is still under pressure. We expect a further decline towards 103.50.