USD/JPY: Current pullback creates buying opportunity
The Japanese Yen gained ground against the greenback after the Bank of Japan decided to leave monetary policy unchanged, with the USD/JPY pair falling below 96. At 98.06 at the time of writing, the bears can’t seem to quite find enough collective momentum to pull the market lower. We do expect to see some noise here, before the pair resumes its grind higher, so long as the BoJ remains loyal to its money supply expansion goal. The current pullback can be seen as a good buying opportunity with first target for the bulls to watch at 99.5. A beak above that level would open the door for 100. In the alternative scenario, we would have to see a consistent break below key support at 97.5, for the bias to turn to the downside, although this is hard to imagine at the moment.
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