JPY Trading Outlook (08-04-2014)

USD/JPY: The pair tested support of 102.95 in Asia yesterday, the remainder of the sessions were above 103 area with a tight range in play 102.90-103.35. The pair remained relatively heavy as it was unable to break previous day’s high. Today we will have the BOJ meeting, market awaits for any signals regarding to the impact of the sales tax hike and a possible QQE talk. Support is at 102.95, 50% FIb & Tenkan followed by the Kijun & 61.8% at 102.63/66.

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