Overall, USD/JPY is ranging across.
Earlier today, the Bank of Japan (BoJ) held interest rate unchanged at -0.10% and no new easing measures were carried out. However, the BoJ expressed pessimism in the Japanese economy, stating that it is in an extremely severe situation with the impact of COVID-19 despite the resumption of economic activities. The central bank also revised their GDP forecast from -5.0% to -3.0% in April to -5.7% to -4.5% while inflation forecast has been revised from -0.7% to -0.3% in April to -0.6% to -0.4%.
USD/JPY’s next support zone is at 106.200 and the next resistance zone is at 107.800.
Look for short-term selling opportunities of USD/JPY.