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[QUOTE="LiteForex Official, post: 94181, member: 29154"] [b]USD/JPY: BoJ loose monetary policy[/b] [b]Current trend[/b] At the meeting on Friday, the Bank of Japan decided to keep its monetary policy mostly unchanged. BoJ Governor stated the Regulator aims at achieving an inflation rate of 2 per cent; however, much depends on the price of oil. Therefore, Japan’s Central Bank might start taking more decisive action soon. Today, the US Dollar is gaining back its losses against the Japanese Yen. As the Federal Reserve and the Bank of Japan have different approaches to monetary policy, the USD/JPY pair tends to be strengthening in the medium term. [b]Support and resistance[/b] Strong support levels are 121.35 (EMA on the daily chart) and 120.55 (EMA200 and the lower border of an ascending channel on the daily chart, 61.8% Fibonacci). After the consolidation below the level of 120.55, the price might decline further to 120.00 and 118.85. If the price overcomes the resistance levels of 121.50 (50.0% Fibonacci), 122.10 (EMA200 and EMA144 on the 4-hour chart), 122.50 (38.2% Fibonacci), an upward trend might resume towards 123.70 (23.6% Fibonacci), 124.50 and 125.00 (the upper border of the ascending channel on the daily chart). On the daily chart, OsMA and Stochastic recommend short positions; on the 4-hour chart, the indicators are turning to long positions, suggesting a downward correction is, possibly, nearing the end. Support levels: 121.35, 121.00, 120.55, 120.00, 118.85. Resistance levels: 121.50, 122.10, 122.50, 123.00, 123.70. [b]Trading tips[/b] Long positions can be opened from the current level with targets at 121.90, 122.10, 122.50, 123.00, 123.50, 123.70, 124.00, 124.50, 125.00 and stop-loss at 121.20. Short positions can be opened from the level of 121.10 with targets at 120.55, 120.00, 118.85 and stop-loss at 121.60. [img]http://savepic.net/7510742.png[/img] [img]http://savepic.net/7508694.png[/img] [/QUOTE]
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