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USDJPY : Back Again in Previous Consolidation Range

USDJPY today fell by breaking the key support at 101.08 but it was not able to hold losses for long time and rose up trimming all its losses. Dollar decline in response to the Bank of Japan Governor Haruhiko Kuroda showed some confidence in the economy and said that Japan is now on track to meet the price target. He also confirmed that additional easing is not required for now.

Now seems like investors are waiting for the Fed view on economy and thus dollar is strengthening.Currently the pair is testing the resistance at 101.32 on 4 hour chart. All moving averages are moving parallel in downward direction showing uniform views among investors about the pair and that the pair will move downwards. So the pair might move back form this current resistance level and move down.