USD/JPY Outlook (18 December 2019)

Overall, USD/JPY is moving across. Recently, USD/JPY has been ranging across within 30pips.
The Bank of Japan (BoJ) will be releasing their interest rate decision tomorrow at a tentative timing.
It is expected that the BoJ will keep interest rate unchanged at -0.10%.
Earlier this month, Japan’s Prime Minister Shinzo Abe announced a stimulus package amounting to $239 billion in order to curb export slump, natural disasters and the fallout from a recent sales tax increase. This stimulus package will help bolster growth in Japan and that the BoJ may be keeping its monetary policy unchanged for a longer period of time.
Also, the BoJ will be holding a press conference tentatively at 1530 (SGT).
Take note of any mentioning of the impact of the stimulus package in the monetary policy statement or during the press conference.
Currently, USD/JPY is testing the resistance level of 109.500 and the next support level is at 108.300.
Stay out of USD/JPY for now.