Important events today:

23.01 11:00 UTC: USD – BOJ interest rate decision

USD/JPY is trading around 158.40 today, showing moderate growth after the Bank of Japan decided to keep interest rates unchanged. Pressure on the yen remains strong, as the currency stays weak following the BoJ decision and the strengthening of the US dollar after last week’s decline in the dollar index.

Market participants are also assessing global risk sentiment and US macro data — any further signs of dollar strength could support additional upside in USD/JPY. In addition, today’s trading range reflects relative stability above the 158.00 level, which may confirm a short-term bullish trend.

In the current environment, with a weak yen and continued expectations of a stronger dollar driven by macro data and central bank policies, buying USD/JPY is preferred, with a moderate stop-loss below recent lows and a target above current levels.

Recommendations: BUY 158.40, SL 158.10, TP 159.30