Today will be released the BoJ’s interest rate decision and no major surprises are expected from the central bank, as they keep untouched the monetary policy during November’s meeting. Currently, investors will be looking into what will be said during the press conference by officials, as the BoJ had been postponing their inflation target’s deadline and Governor’s Kuroda could bring some hints about which would be tools and how long it will take to battle the deflation in Japan.
Our technical analysis for USD/JPY at daily chart remains strongly bullish, but we got a strong sellers’ reaction around 118.19. Ahead of the meeting, the pair could be preparing the ground to receive the news with a bearish correction, favoring the bullish momentum in the Japanese currency. If that happens, we can expect a decline to test the support area of 115.54. If the BoJ’s rhetoric is dovish, then the pair will look to reach the 120.00 handle.
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Источник: FX BAZOOKA
