USD/JPY: Daily Technical Analysis For April 29, 2016

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Fundamental Analysis:

The yen soared against the U.S dollar and other currencies in the FX market as the Bank of Japan monetary policy held steady as expected on Thursday at ¥80 trillion annually, and shunned further moves on negative interest rates even as downside risks to a 2% inflation target rise.

Expectations of further easing were in place after Bloomberg reported that the BoJ could expand the negative interest rate policy it put in place in January at the conclusion of its rate review.


Technical Analysis:

Intra-day bias remains on the downside as 21 and 55 EMA is crossed southward with SSRC trend oscillator signalling more bearish momentum is expected in the pair. More decline to 106.66 intra-day support 1 is expected if we get a confirm break of 107.65 low. However another way to sell safer is considering selling the rips each time the pair rises.


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