USDJPY

The USD/JPY pair closed above 147.400 after recovering from losses for the fifth consecutive trading session on Monday. The pair fell to 146.700 on broader weakness in the US Dollar and rising expectations that the Bank of Japan (BOJ) will abandon its expansionary interest rate stance at its March monetary policy meeting. BOJ policymakers have indicated that a positive wage cycle that will keep inflation sustainably above the desired 2% target will continue for a significant period. Investors are hoping that the BOJ will lift Yield Curve Control (YCC) and move towards policy normalization. Technically, the 147.16 level can be followed for intraday downside movements. If this level is broken, supports at 146.89, 146.34 and 146.07 may become important. In case of possible increases, resistance levels at 147.70, 147.98 and 148.52 will be monitored. Support: 147.160 - 146.890 Resistance: 147.700 - 147.980