Daily Analysis USDJPY - 21 July 2023

In recent reports, the Bank of Japan (BoJ) has indicated that it sees little need to take immediate action on yield control. Despite this stance, the bank remains uncertain about achieving its price goal in a stable manner.

The BoJ acknowledges the importance of maintaining its easing measures, especially in light of the progress made thus far. However, it is still hesitant to fully commit to a course of action.

Officials from the Bank of Japan have stated that a final decision will be made after carefully reviewing the most up-to-date data available. This cautious approach suggests that they are closely monitoring economic indicators before implementing any significant changes to their policies.

USDJPY continued the correction by breaking the first resistance level at 140.500, and now the 141.50 level serves as the second resistance level, especially since the 100 and 200 MA (Moving Averages) are pointing to the same level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
142.00	141.20	140.22	139.00	138.00	136.00