USD/JPY Surges Past 156 on Bank of Japan's Decision, Eyes 156.90 Target

The Bank of Japan's decision to keep interest rates unchanged and maintain its bond-buying program as announced at GMT 03:00, along with the upward revision of inflation forecasts, has led to expectations of yen depreciation. In response to this news flow, the USD/JPY pair saw an 80-pip increase, breaking through the psychological resistance level of 156. With the realization of the hourly ascending triangle pattern on the chart, attention is now turned toward the main target level of 156.90. Above this level, the levels of 158 and 158.65 will be significant in the continuation of the trend. While 155.60 emerges as an interim support level, the key level to monitor for trend continuation is the range of 155-154.90. A breach below this range could lead to a retracement towards the 0.618 Fibonacci level at 154.35.