The BOJ unexpectedly opted to allow long-term rates to swing 50 basis points on each side. The currency market is still processing the BOJ’s change in policy. The yen could keep rising shortly as investors anticipate bigger changes. On Wednesday, the USD/JPY price analysis turned slightly positive as traders digested the decision to modify its program for controlling bond yields and perhaps pave the way for a shift away from its ultra-easy monetary policy. –Are you interested to learn more about day trading brokers? Check our detailed guide- The BOJ unexpectedly opted to allow long-term rates to swing 50 basis points on each side of its 0% target on Tuesday rather than the previous 25 basis point range. The central bank maintained its negative interest rates. Early on Wednesday, the Japanese yen fell 0.26% against the dollar to 132.06 per dollar, although it was still close to its four-month high of 130.58 per dollar, which it had reached on Tuesday as it surged 3.8% higher. According to Carol Kong, a currency analyst at the Commonwealth Bank of Australia, the currency market is still processing the BOJ’s change in policy. She noted that the yen could keep rising shortly and that the market had taken the move as a step towards an eventual turnaround from the current ultra-dovish monetary policy. The BOJ’s decision comes amid investor anxiety over a faltering global economy, extremely high inflation, and other central banks’ plans to raise interest rates. Global investors have been banking on the central bank changing its policies, and they will wager more on bigger changes. USD/JPY key events today Investors will pay attention to the existing home sales report from the US and the CB consumer confidence report from the US. Consumer Confidence gauges how confident consumers are about the state of the economy. It is a leading indicator since it can forecast consumer spending. Get FREE Forex Signals Now! USD/JPY technical price analysis: A short pause at the 130.55 support Looking at the above chart, we see the price is rebounding after a big bearish move. This move saw the price breaking support levels and making a new low. The price has paused at 130.55, with the RSI in the oversold region, which allowed bulls to return for a retracement of the recent move. –Are you interested to learn more about forex options trading? Check our detailed guide- The price is trading firmly below the 30-SMA showing the trend is bearish. Therefore, the pullback might pause at the 132.50 level before bears take over again. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CAD Forecast: Canada’s Retail Sales Gains 1.4% in Oct Saqib Iqbal 1 month The BOJ unexpectedly opted to allow long-term rates to swing 50 basis points on each side. The currency market is still processing the BOJ's change in policy. The yen could keep rising shortly as investors anticipate bigger changes. On Wednesday, the USD/JPY price analysis turned slightly positive as traders digested the decision to modify its program for controlling bond yields and perhaps pave the way for a shift away from its ultra-easy monetary policy. –Are you interested to learn more about day trading brokers? Check our detailed guide- The BOJ unexpectedly opted to allow long-term rates to swing 50 basis… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.