USDJPY is trading higher today following an announcement that the Bank of Japan will hold an unscheduled meeting on Friday. Looking on the chart from a technical point of view, we can see that the pair broke above the local resistance at 107.75 and looks could be gearing for a bigger upward move. The key resistance to watch is marked with the upper limit of Overbalance structure (red rectangle). Additionally, 108.45 is strengthened by equality of A and C waves according to the Elliott Wave Theory.
USDJPY H4 interval. Source: xStation5
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