USD/JPY: Increased bullish interest

The USD/JPY pair is  bullish in the short-term with next relevant resistance seen at 107.70, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The BoJ released its Summary of Opinions, which reflect policymakers’ concerns about an economic contraction, pledging to ‘act decisively’ to avoid a second Great Depression.”

“The price has surpassed its 100 SMA, while the 20 SMA advances far below the current level, also supporting further gains ahead.”

“The pair has reached a daily high of 107.30, with the next relevant resistance at 107.70.”