USD/JPY confined below 105.00 post-BOJ

The USD/JPY pair remains stuck in a 20-pips narrow range after BOJ’s rates on-hold policy decision, unable to chew offers placed just below 105 handle.

USD/JPY eyes Kuroda’s presser

The dollar-yen pair is seen fading a spike to daily highs near 105 barrier, reached after the BOJ left its monetary policy settings unchanged during its monetary policy review meeting held earlier today.

The sentiment around the major remains buoyed, as the JPY bulls remain on the back foot in wake of downward revisions to the BOJ’s growth and inflation forecasts. While a better tone seen behind the greenback against its major peer, also provide some support to the spot.

However, further upside remains limited as markets await BOJ Kuroda’s press conference for fresh direction on USD/JPY.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 105 (round figure). A break above the last, the major could test 105.23 (Oct 31 high) and 105.89 (Jul 26 high) beyond the last. While to the downside, the immediate support is seen at 104.67 (daily low) next at 104.49 (10-DMA) and below that at 104.16 (20-DMA).