One of the themes over the past six months has been the big figures and levels. Last week it was USD/CAD repeatedly holding 1.1000 and today it’s USD/JPY refusing to break 103.00.
Many short-term traders will be selling on a break but also keep a close eye on 102.90, which is the 100-day moving average.
USD/JPY daily
The BOJ meeting later isn’t a major event but the pair could spring higher if Kuroda puts further QE on the near-term agenda.