USD/JPY Outlook (20 January 2020)

Overall, USD/JPY is trending upwards. Recently, USD/JPY has been ranging across within 30pips.
The Bank of Japan (BoJ) will be announcing their interest rate decision tomorrow at a tentative timing.
It is expected that the BoJ will be holding interest rate unchanged at -0.10%.
The BoJ will also be holding a press conference. During this time, volatility in JPY pairs is expected.
USD/JPY’s next support level is at 109.600 and the next resistance level is at 110.600.
Look for short-term buying opportunities of USD/JPY before the interest rate announcement.