USD/JPY moving back and forth in 100-pips range, BOJ eyed

USD/JPY trade extremely volatile, moving back and forth in a 100-pips range, eagerly awaiting BOJ policy decision for a clear direction.

The major dropped sharply from 104.80 levels last minutes, in a bid to retest daily lows struck at 103.47, before finding support above 103.50 levels to now trade around 104.50.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 105.06 (5-DMA). A break above the last, the major could test 105.64 (10-DMA). While to the downside, the immediate support is seen at 103.47 (2-week lows) and below that at 103 (round number).