The bank of Japan surprised the currency market this early morning by announcing that it will expand QE by 80 Trillion yen, buying 8-10 Trillion of JGBs per month. such news sends USDJPY pair near 112.00 levels, I expect USDJPY to reach 112.30 levels as the weekly chart suggests, the weekly chart will end this week with critical closure and data, opening a new range for USDJPY and yen crosses, in general, the upcoming weeks.
Anyway, expected range for USDJPY pair the upcoming weeks is 105.00/115.00 levels, note that a clear break above the 112.30 levels will open 115.00 levels ahead of the 118.00 levels. Remember support comes ta the 107.59 ahead of 105.19 levels.
Conclusion: technical and fundamental view is bullish and further upside is likely the upcoming weeks.
We’ll focus on the pair in the weekly forecast……….