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Traders will eye today's key event - BoJ press conference. The BoJ will announce a decision on monetary policy. Governor Kuroda has warned that inflation will ease before picking up again in the second half of the fiscal year. We expect the BoJ to continue its easing in the future. The Yen is trading at 102.12 against the US dollar. After making a 2-month high, the pair corrected up to the previous week's low. The pair was rejected at the 50.0 fib level in the weekly chart and is trading above the descending triangle. The pair has support at 101.75, if it is broken, then it will correct up to 101.50 (50WSma).
Support 101.75 101.50
Resistance 102.25 102.55
Intraday cmp 102.12
The prices are closed below the key hourly moving averages (21hrsma and 34hrsma). In yesterday's session, the pair was rejected at 21hrsma and later the 12ema acting had an initial hurdle. The pair favors panic only below 101.40 levels. On the upside, it has major resistance at 102.50 (34hr sma). Until the prices close below 102.50, sellers will mint the money.
In any panic situation, bulls can buy in the range between 101.80-101.50 with sl 101.40/101.35.
Resistance 102.16 102.25 102.40-102.50
Positional basis- buy with sl 101.90 on a closing basis.
Traders will eye on today's key event BoJ press conference. The BoJ will announce a decision on monetary policy . The Governor Kuroda has warned that inflation will ease before picking up against in the second half of the fiscal year. We expect the BoJ continue its easing in the future. The Yen is trading at 102.12 against US dollar. After making a 2 month high, the pair corrected up to previous week's low. The pair rejected at the 50.0 fib level in the weekly chart and trading above the descending triangle. The pair has a support at 101.75, if it breaks then it will correct up to 101.50 (50WSma)
Support 101.75 101.50
Resistance 102.25 102.55
Intraday cmp 102.12
The prices are closed below the key hourly moving averages (21hrsma & 34hrsma). In yesterday's session, the pair was rejected at 21hrsma and later 12ema acting has an initial hurdle. The pair favors to panic only below 101.40 levels. On an upside, it has a major resistance at 102.50 (34hr sma). Until the prices close below 102.50, sellers will mint the money.
Resistance 102.16 102.25 102.40-102.50
In a panic situation, bulls can buy in the range between 101.85-101.50 sl 101.40/101.35
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