• USDJPY falls close to 4-month low around 110
  • JPY on the rise since BoJ meeting
  • Price looking to break lower after consolidation

The USDJPY is experiencing a fairly large down day, with the majority of the drop coming on the back of a surge higher in the Yen. We earlier mentioned how the Yen was rising following the Bank of Japan (BoJ) meeting overnight, which saw the main policy tools left unchanged but a hint of higher GDP and inflation ahead int he outlook boosted the currency.   

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 The USDJPY is looking to move down to its lowest level since September and attempting to break below the 110 handle. Source: xStation

Persistent weakness in the Buck has seen the USDJPY fall a fair way so far this year and the pair is threatening to make another break lower. The cross has been in range for around 9 month now with 108.40 providing a floor and 114.40 offering resistance. Price is currently sitting around the middle of this range but after a consolidation of just over a week, price is threatening to move towards the lower bound at 108.40. 

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The USDJPY pair has been in a range of around 600 pips for the last 9 months. Source: xStation