USD/JPY: Trading Recommendations On Eve Of The Bank Of Japan Meeting

Market participants are awaiting the outcome of the Bank of Japan meeting which will take place on Tuesday. Its decision on the interest rate will be published at 03:00 (GMT), and at 06:00 a press conference will begin, during which the head of the Bank of Japan, Haruhiko Kuroda, will comment on the bank’s monetary policy and the decision. 

In the meantime, the downward dynamics of the USD/JPY pair remains, which at the time of publication, was being traded near the 107.70 mark.

In an alternative scenario, after a return to the bull market zone above the resistance level 108.15 (ЕМА50 on the daily chart) and after the breakdown of the resistance levels 108.34, 108.56, long positions will again become relevant. And so far, short positions are preferred.

Support levels: 107.00, 106.75, 106.50, 106.00 Resistance levels: 108.00, 108.15, 108.34, 108.56

Trading recommendations

Buy Stop 108.40. Stop Loss 107.40. Take-Profit 109.00, 109.25, 109.70, 110.95 Sell ​​by market, Sell Stop 107.40. Stop Loss 108.40. Take-Profit 107.00, 106.75, 106.50, 106.00, 104.50, 102.60, 101.20, 100.60, 100.00

USD/JPY Daily Chart

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