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USDJPY Remain Under Pressure

USDJPY paused its rally finding resistance at 102.52 ahead of the Bank of Japan Governor Haruhiko Kuroda speech. Kuroda said that the Bank is aiming at overcoming deflation at the earliest possible time. Its quantitative and qualitative monetary easing has been showing its effects on Japan’s economy and there is a high chance that consumer prices will reach the central bank’s inflation target of 2% sometime from the end of fiscal 2014 to the beginning of fiscal 2015. USDJPY currently moving sideways and breaking the support level might confirm the downward movement however breaking the resistance will confirm the upward movement.