USD/JPY was up 2.60% at 112.05, up from a session low of 109.18 and off a high of 112.48.The pair was expected to test support at 109.18, the session low, and resistance at 112.48, the session.The yen came under broad selling pressure after the BOJ said it would raise its monetary base target to an annual increase of ¥80 trillion from ¥60-70 trillion, a preemptive move to steer the economy away from deflationary decline while improving the chances of reaching inflation goals.Adding to pressure, a Japanese government panel overseeing the Government Pension Investment Fund approved plans on Friday for the fund to raise its holding of foreign stocks to 25% of its portfolio from 12%.
INTRADAY OUTLOOK
Support:111.92
Resistance: 112.48
RECOMMENDATION:
1. Buy USD/JPY Above 112.50-TG:112.70/113.00 SL 112.20
2.Sell USD/JPY Below 111.90-TG:111.70/111.40 SL 112.20
INTRADAY OUTLOOK
Immediate Support: 1.5982
Immediate Resistance:1.6036
RECOMMENDATION:
1. Buy GBP/USD Above 1.6038-TG:1.6058/1.6088 SL 1.6008
2. Sell GBP/USD Below 1.5980-TG:1.5960/1.5930 SL 1.6010
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