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Trading plan for 23/01/2019:
Markets remain stable in most cases, waiting for new events. The decision of the Bank of Japan did not surprise and passed unnoticed.
The growth leader in the currency market is NZD after a better-than-forecast CPI reading. Indices in Asia were almost still, Shanghai Composite is at Tuesday's closing level. Japanese Nikkei225 loses 0.1 percent.
On Wednesday, the 23rd of January, the event calendar is light in important data releases, but the global investors might want to keep an eye on Retail Sales data from Canada, House Prices Index data from the US and Consumer Confidence data from the Eurozone. Moreover, there is a speech from BOE Deputy Governor for Monetary Policy Ben Broadbent scheduled early in the morning.
USD/JPY analysis for 23/01/2019:
The main event of the night was the Bank Of Japan Interest Rate Announcement, Monetary Policy Meeting Minutes release and BoJ Press Conference.
BoJ has maintained the interest rate at the negative level of -0.10% as expected and the target for 10-year bond yields remained at 0.0%. BoJ cut GDP growth forecasts for the current fiscal year 2018/19 to 0.9%. from 1.4%, and slightly raised forecasts for the next two years. The inflation forecast for 2021 was also lowered.
Let's now take a look at the USD/JPY technical picture at the H4 time frame. The BoJ interest rate decision did not have too much impact on the market behavior as the price has bounced from the technical support at the level of 109.15 after the Pin Bar candlestick was made. The bulls have managed to rally towards the level of 109.80 but the last H4 candle looks like a Shooting Star, which might indicate a trend reversal. That's why, despite the fact that the trend is still bullish and the target is seen at the level of 110.18, the bears might take more control over the market once the price break through the local support at the level of 109.48. Then the technical support at 109.15 will be tested again (red arrow scenario). Otherwise, the uptrend should remain intact as the momentum is still positive and strong.
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