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USD/JPY continues to edge higher ahead of ECB decision
Although the USD/JPY is unrelated to the whatever the ECB decides shortly, we should not discount the potential for that policy decision to impact the EUR/JPY. Meanwhile, the USD/JPY has been gradually making progress since the European opening and it has just now lifted back above the 156.50 level. At this point the reader is reminded of a technical resistance level that was mentioned here much earlier today. That is at 156.83 and it is the former Fibonacci based support level, that was taken out on the way down earlier today, when the USD/JPY fell to 155.38. So, it is entirely possible, that 156.83 if tested from here on, might provide resistance now. We shall see on that. The USD/JPY is currently trading at 156.49 and the ECB policy decision is due shortly, at 12.15pm GMT
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