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USDJPY : Trimming its Losses

USDJPY trimmed its losses today ahead of the Fed Chairman Yellen testimony. The pair earlier fell down after the Bank of Japan released the meeting minutes in which policymakers expressed concern over the economic recovery which is although pushing the prices upwards but not enough to hit the BOJ’s inflation target of 2%.

On the 4 hour chart, the pair rose from the support at 101.49 and may find resistance at 101.85 which was earlier a support for the pair. If the pair breaks this resistance the pair might go up to the next resistance level at 102.04, however of the pair breaks the support at 101.49 the next support the pair may find is at 101.34.