There are sayings that BOJ’s policymakers are arguing about how to expand the bank central’s monetary easing policy. A local newspaper in Japan reported that the bank central’s officials still can’t reach an agreement about the comprehensive policy review, which should be announced at the end of the BOJ policy meeting in two weeks.
Meanwhile, the greenback remains under pressure as weaker than expected US data, especially activity in manufacturing and service. The reports reduce the possibility of a rate hike by the Federal Reserve in FOMC meeting next week.
USD/JPY is under pressure. A pull-back move has occurred to the intraday resistance area at 101.807-102.495. MA 250 is still falling on hourly chart – the price currently is moving between 20 MA and 50 MA. USD/JPY likely will fall today, with 101.193 as target and 100.700 in extension. However, there could be another pull-back to within the resistance area since hourly stochastic and CCI are almost oversold.
Be careful if the price managed to break above the resistance 102.495 because it possibly will turn the intraday bias into bullish and probably will be followed by bullish move up to 102.802-103.182.
Sell on bearish signal confirmation within 101.807-102.495; S/L @ 102.802, T/P @ 101.193 or 100.700