Bank of Japan press conference overview
Tuesday at 05:35 will see a press conference brought underway by the Bank of Japan's (BoJ) head chair, Haruhiko Kuroda; with the Japanese central bank recently undergoing a shift in their hyper-easy monetary policy, traders will be sniffing around the press conference with added interest in an effort to suss out the next potential move by the BoJ, but it is expected that Kuroda will tow the steady QE line during the speech in an effort to not rock the boat too much, though stressed-out markets with emotional hair triggers thanks to ongoing trade war angst will be likely to cause a healthy bump in directionless volatility immediately following Kuroda's speech notes, which will be releasing at the beginning of the presser.
How could it affect the USD/JPY?
With the US Dollar heading higher against the Japanese Yen at a steady pace, USD bulls have been pushing the USD/JPY steadily into new highs, and as FXStreet's own Valeria Bednarik noted, the Dollar-Yen pairing is "not far from 112.86, the two-month high set last week. In the 4 hours chart, the pair is well above bullish 100 and 200 SMA, while technical indicators remain within familiar levels, the Momentum heading lower and the RSI higher, both well above their midlines, favoring additional gains on a break above the mentioned 112.86, now the immediate resistance. The next one comes at 113.17, July monthly high. 112.45, on the other hand, is the immediate support ahead of 112.14, August monthly high."
Support levels: 112.45 112.15 111.80
Resistance levels: 112.85 113.20 113.50
Key notes
USD/JPY analysis: dollar recovers some poise at the end of the day
USD/JPY Probes 10-Week High Ahead of Wednesday’s Fed Meeting
USDJPY Analysis: Still looking for another topside failure
USD/JPY Forecast: Three reasons why pair could set new yearly highs above 113.00
About the Bank of Japan press conference
Bank of Japan Governor Haruhiko Kuroda will hold a press conference about monetary policies in Tokyo. Mr Kuroda exercises general control over the Bank's business. He is in charge of the Internal Auditors' Office.
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