08.04.201406:53 Forex Analysis & Reviews: Fundamental analysis of USD/JPY for April 08, 2014

Long-term review

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The BOJ agreed to maintain the 0.10% interest rate and monetary policy unchanged, in line with expectations. Japan also will release February figures for its current account, which is expected to show a surplus of 618.1 billion yen following the 1.589 trillion yen shortfall in January. The US dollar weakened in front of the FOMC meeting minutes on Wednesday.

Technical view-

The pair is taking crucial support at 103.0 levels. In Asia's trading session the pair is trading at 103.09 levels. The pair is in a strong up trend from 100.75 levels. The pair made a short-term top at 104.11 levels. For the week April 08-11, the pair has a strong support at 102 levels. A day close below this will face some selling pressure in the short term up to 100.60-100.0 levels. Currently, it's a buy on dip strategy for this pair. This strategy will be terminated once this pair closes the week below 102 levels.

In the down side, the support levels exist at 103-102.8, 102. A break below 102 levels leads to a short-term fall to 100 levels, with intermediate support at 101.71, 101.20, and 100.75.

Intraday-

In the H4 chart, the pair is taking support at 102.97 levels, facing resistance at 103.36 levels. On the up side, above 103.15, the pair will move up to 103.27 and 103.40. Fresh up move will take place once the pair crosses above the 103.40 levels towards 103.73. On the down side, below 102.98, the immediate support exists around 102.70. Panic is below 102.70, up to 101.70.

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