BoJ Kuroda’s speech in parliament today apparently gave support to the Japanese yen. Mr. Kuroda mentioned issues over exiting the BoJ’s easy monetary policy. 

His comments was a kind of surprise to traders because it was the first time he ever spoke on exiting the ongoing accommodative monetary policy.

On hourly chart we can see that 20 MA has crossed above 50 MA. Price is approaching intraday key resistance at 110.577. If the price managed to break the resistance, USD/JPY may continue the rebound up to 110.978-111.314.

On the other hand, hourly stochastic has crossed down. This opens the chance for a correction move to the support area at 110.014-109.655. In that case, watch for bullish signal confirmation on a pull-back move to within the support area with 110.261 as target and 110.577 in extension. 

Be careful if the price managed to break support at 109.665 because it will turn the intraday bias to bearish and possibly will push USD/JPY down to 109.450-109.102.

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