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    USD/JPY plummets 1 big figure on BOJ, lowest since Sept 2014 Dhwani Mehta

    The USD/JPY pair lost almost 100-pips and dropped to fresh multi-month troughs after the yen strengthened on BOJ’s unchanged monetary policy settings.USD/JPY drops to 104.55The Japanese yen’s bullish run against the American dollar gained further traction post-BOJ steady policy announcement, knocking-off USD/JPY to the lowest levels in one and a half years near 104.50 levels. BOJ kept monetary base target unchanged, with 0.1% interest on part of excess reserves, while LGB  buying will continue at annual pace of JPY80 trillion.The USD/JPY pair remains heavily sold-off, despite the BOJ slashing the CPI forecasts, while maintaining Japan's economy continues to recover moderately as a trend.Meanwhile, the Japanese stocks trimmed losses on the BOJ decision, with the Nikkei 225 now dropping -1.10% versus -1.34% seen previously. Next in focus for the major remains the BOJ Governor Kuroda’s press conference scheduled ahead of the European open.USD/JPY Technical levels to watchIn terms of technicals , the immediate resistance is located at 105.65 (pre-BOJ levels). A break above the last, the major could test 106 (round number). While to the downside, the immediate support is seen at 104.55 (Multi-month low) and below that at 104.03 (Sept 2014 low).


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