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The USD has started the day on a positive footing and pushed USD/JPY upwards. Early in the morning the Bank of Japan held the last meeting this year and extended the Covid-19 relief program by the next 6 months. Elsewhere, Japan published core consumer prices, which were in line with market expectations, but still, they marked the largest drop since late 2010. As a result, the Japanese yen dipped and pushed USD/JPY upwards.
USD/JPY is trading in a downtrend, but today the pair has surged up. It is touching the 100-hour moving average and the upper line of the Bollinger Bands. That’s why we can assume it should pull back and start falling. It will meet the 50-hour moving average at 103.30 on its way down, which it’s unlikely to break by the first attempt. If it manages to cross it, it will plummet deeper to the key psychological mark of 103.00. Resistance levels are 103.75 and 104.00.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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