USD/JPY was down 0.45% to 113.48, holding below the seven-year peaks of 114.20 struck in the previous session. The yen remained under pressure after the Bank of Japan surprised markets by restarting its bond purchasing stimulus program on Friday, in a bid to shore up the faltering economic recovery.The BoJ acted after data showed that inflation fell to its lowest in nearly a year in September, as a sales tax hike which came into effect in April continued to hit domestic demand. The move fuelled expectations that the European Central Bank will have to implement quantitative easing measures in order to stave off the threat of deflation and spur growth in the euro area. Data on Monday highlighted the diverging monetary policy outlook between the Federal Reserve and its major peers.
INTRADAY OUTLOOK
Support: 112.97
Resistance: 113.62
RECOMMENDATION:
1. Buy USD/JPY Above 113.64-TG:113.84/114.14 SL 113.34
2. Sell USD/JPY Below 112.95-TG:112.65/112.35 SL 113.25
INTRADAY OUTLOOK
Immediate Support: 1.5979
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 1.5975-TG:1.5955/1.5925 SL 1.6005
1. Buy GBP/USD Above 1.6038-TG:1.6058/1.6088 SL 1.6008
2. Sell GBP/USD Below 1.5975-TG:1.5955/1.5925 SL 1.6005
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