USD/JPY technical analysis

So with the BOJ announcing a special bond buying program, this no doubt puts the yen in focus for the session.

Daily thoughts:

  • Retest of long term trend line break out.
  • Confluence with the previous swing high, previous resistance as possible support.

Intraday thoughts:

  • Momentum certainly here on the news.
  • We see a resumption of last night's USD strength for the pair after healthy pullback.
  • Looking for a higher high here to confirm but a chance to buy any intraday pullbacks?

More headlines coming through

  • BOJ just bought 94 billion yen of 10 year bonds in a fixed rate operation
  • Bids received were for 94b yen
  • Offered to buy debt at 0.10%
  • 2nd fixed rate operation in 5 days.