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Possible pullback ahead – USD/JPY Market Outlook – 19/03/2021

SquaredFinancial

The Japanese Yen is slightly stronger this morning following the Bank of Japan’s interest rate decision. The BoJ decided on maintaining negative interest rate while slightly tweaking its monetary easing programme to try and boost inflation. Technically speaking, the ¥109.20/25 area has offered a strong resistance attracting more and more sellers and adding pressure to the USDJPY prompting a slide below the 200-period moving average with the ¥108.40 support level as next downside target.

Support: 108.40 / 108
Resistance: 108.90 / 109.20

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/possible-pullback-ahead-usd-jpy-market-outlook-19-03-2021
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