The minutes of the meeting of the Bank of Japan, which were published today did not include statements that could seriously affect the situation on the market. So, it was noted that the monetary base should increase by 60-70 trillion. yen per year, exports remain weaker, economic growth will be stronger in summer than it is now, the rise in prices leads to an improvement in the labor market. In general, all members at the meeting of the Bank of Japan supported the policy of Prime Minister Abe aimed at achieving the inflation target of 2.0%.
Considering loose monetary policy of the regulator in Japan and reduction of the quantitative easing program in the U.S., we keep medium and long-term positive outlook for the pair USD/JPY.
From a technical point of view, we should wait for fixing price above 102.00 for opening long positions. In this case, the price can rise to 102.70 and 104.00.
Wish you the profits!
FXFINPRO Capital Analytical department.