USD/JPY Rally Loses Steam Right Below The 145.00 Resistance Area

  • The Dollar capitalizes on Yen’s weakness after BoJ´s dovish statement.
  • The BoJ crushes hopes of an exit from its ultra-loose policy and hints at further easing if needed.
  • USD/JPY broader trend remains bearish while below 145.
  • The US Dollar rallied during most of Tuesday´s European market session after the Bank of Japan disappointed investors with an unexpectedly dovish monetary statement. The pair, however, has found resistance at the 145.00 area before pulling back to the mid-range of 144.00. The Bank of Japan reaffirmed its ultra-loose monetary policy and suggested the possibility of additional easing as, according to Governor Ueda, the outlook on inflation remains uncertain. These comments sent the Yen tumbling against its main peers.
     USD/JPY Technical analysisFrom a technical perspective, the pair has covered the expanding wedge formed during the last month it might need an additional impulse to breach the falling trendline support from mid-November highs.In the calendar today, the US Construction activity is the main event today. Traders will be looking at Friday´s data with a special interest in the USPCE Prices Index for more info about the Fed´s rate path.A clear break above 145.00 would increase bullish pressure towards 146.50 and 147.45. On the downside, support levels remain at 142.35 and 141.00.
     USD/JPY 4-hour chart

    Technical levels to watch

    OVERVIEW Today last price 144.57 Today Daily Change 1.65 Today Daily Change % 1.15 Today daily open 142.92 TRENDS Daily SMA20 146.39 Daily SMA50 148.64 Daily SMA100 147.64 Daily SMA200 142.57 LEVELS Previous Daily High 143.16 Previous Daily Low 142.07 Previous Weekly High 146.59 Previous Weekly Low 140.94 Previous Monthly High 151.91 Previous Monthly Low 146.67 Daily Fibonacci 38.2% 142.75 Daily Fibonacci 61.8% 142.49 Daily Pivot Point S1 142.27 Daily Pivot Point S2 141.63 Daily Pivot Point S3 141.18 Daily Pivot Point R1 143.36 Daily Pivot Point R2 143.81 Daily Pivot Point R3 144.45

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