Originally updated: 06.47am
Current Price: 119.39
Currency Pair: USD/JPY
In today’s trade set up we will be focussing on short term buying opportunities on the USD/JPY.
We are looking for buying opportunities on the USD/JPY today after the BOJ ended its final policy meeting for the year, confirming its pledge to continue its monstrous stimulus program as it targets a 2% inflation rate. Asian shares saw good follow through from yesterdays lucrative move in US equities with the MSCI Asia Pacific Index up 1.7%.
I expect this pair to continue its up move during the session, eventually hitting 120.50 or higher. If the market does retrace back down then there is a nice confluence zone of support that traders could use as a reference to buy from again.
The confluence zone is at 119.05-119.00
Stop loss could be placed at 118.65
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Source:: Trading outlook – USD/JPY