USD/JPY has managed to overcome important resistance levels in the last few weeks. The next serious obstacles are at 90.00 and 90.35 (76.4% Fibo of the decline from 95.00 to 75.56). We may see more consolidation ahead of this level and before the Bank of Japan’s meeting (Jan. 21-22). The pair remains within an uptrend. We think that the possibility of the BoJ doing more monetary stimulus this month is high -- which may send the pair to 90.00.
Support is at 87.50, 86.65 and 85.80/30. Immediate resistance is at 88.40. The breach of this high will mean more buying. However, the recent gap still hasn’t been closed (76.65) and USD/JPY remains overbought, so we may see better buying levels.
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USD/JPY Is Taking A Breath
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