- October 31, 2017
- Posted by: range
- Category: FOREX
<img class=" wp-image-2104 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-31-at-5.58.36-PM.png" alt="" width="776" height="547" />
On Tuesday, the Bank of Japan left the interest rate, target inflation and core inflation forecast unchanged. In other words, they still amount to -0.1%, 2% and 1.8%. However, since this decision was widely expected, the Yen did not gain much value against Dollar. In fact, it stuck at the weekly S1 at 113.13.
However, this correction is likely to last only until release of the American data. Depending on the actual figures the pair might either surge to the combined resistance set up by the 200-, 100- and 55-hour SMAs near 113.60 or slip further to the weekly S2 located at the 112.58 level.
From daily perspective, the pair is expected to start gradually moving in the southern direction, as previous two days marked a long awaited breakout from the rising wedge formation.<img class=" wp-image-2105 aligncenter" src="https://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-31-at-5.58.29-PM.png" alt="" width="648" height="418" />