Has BOJ halted year end profit taking?

The final risk event of the year has just taken place and no action was taken by the BOJ, as expected. We have seen some Yen weakness enter the market after some solid profit taking yesterday. The Nikkei remains below monthly resistance MR1 with the Yen pairs moving towards resistance. Will Yen weakness continue as the theme for today or will traders continue to get out of the market ahead of the Christmas period? With markets having expected no action one would except the latter. Please see technical analysis below for levels of support and resistance on the Nikkei, USDJPY and GBPJPY to keep an eye on during the day.

Nikkei Daily

Resistance at MR1 and then higher up at MM4 with support eyed at MM3. MM3 also marks the level where the previous resistance trend line drawn off of Nov '15 and Dec '15 highs. This trend line will be tested as support in the future.

Nikkei H4

AS you can see price came off WPP and the 21 EMA yesterday though up until the time of writing, has failed to break above WM3. The Nikkei moves off of Yen strength and weakness, should Yen strength continue today as further profit is taken then we will see the Nikkei move down from resistance. The next level of resistance is eyed at WR1.

USDJPY Daily

Price fell just below MR1 last week or WR3 and found support at 116.500. The next level of support is eyed at MM3 role reversal.

USDJPY H4

Yesterday price broke through WPP and the 21 EMA until close of London where bulls entered and brought price higher up into the fib of Firday and Monday's move. Price is currently stalling at 117.500/ DM3/ 50% fib. Support is eyed at 116 and further down at 114.500/ MM3.

GBPJPY Daily

Price come down just below MR1 last week with profit taking continuing yesterday. Price stopped falling at the role reversal trend line on the daily chart which is drawn off of Jan '16 and Aug '16 highs and is moving up towards the fib of Friday and Monday's move.

GBPJPY H4

Price broke below the 21 and 55, which are currently converging. Resistance at 145.500 did not hold though we have further resistance at 146/ WM2 role reversal/ 21 EMA/ 50% .