USD/JPY remains under pressure after the BOJ failed to deliver this morning
The Bank of Japan (BOJ) held their monthly meeting early this morning. The forex market widely believed that the BOJ would ease further to help the weak Japanese economy and to reverse the Yen appreciation that has occurred during the first half of this year, or at least promise some action in the near future. But they failed to deliver anything and the rhetoric wasn´t really that dovish to make forex traders believe that the BOJ has the guts to take further steps.
The 50 MA on the 15 minute chart is providing resistance
Obviously, the forex market was disappointed which resulted in a rapid decline in USD/JPY, breaking below May´s low at 105.50s and reached 103.50s. Comments like "The Japanese economy continues to recover moderately as a trend" and "The BOJ monetary policy doesn´t mean helicopter money" were the ones to convince the forex market that the BOJ actions will be very limited if any. USD/JPY still remains under pressure this evening with 104.40 and the 50 MA on the 15 minute chart providing resistance, so that´s the reason we opened a short term sell forex signal in this pair a while ago.
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