The Bank of Japan (BoJ) released an unchanged monetary policy statement, with no surprises from Governor Kuroda at his last policy meeting.
As the monetary policy statement was unchanged, this disappointed the market slightly, resulting in the significant weakening of the Japanese Yen.
The USDJPY spiked up from the 136 price area, breaking above the 23.60% Fibonacci retracement level at 136.40 to reach the 137 round number resistance and 61.8% Fibonacci retracement level following the release of the news.
Although the price retraced lower, the USDJPY could continue trading higher toward the 137 resistance level and beyond that, the next key resistance level is at 138.
As the monetary policy statement was unchanged, this disappointed the market slightly, resulting in the significant weakening of the Japanese Yen.
The USDJPY spiked up from the 136 price area, breaking above the 23.60% Fibonacci retracement level at 136.40 to reach the 137 round number resistance and 61.8% Fibonacci retracement level following the release of the news.
Although the price retraced lower, the USDJPY could continue trading higher toward the 137 resistance level and beyond that, the next key resistance level is at 138.
