Global macro overview for 18/12/2015:

At the press conference, the Bank of Japan announced its plans to purchase 300 billion yen of ETFs annually that include stocks issued by firms investing in CAPEX and human resources. Moreover, the BoJ decided to extend the average duration of Japanese Government Bond purchases to 7-12 years from 7-10. Please notice that the 300 billion yen in purchases tops its 3 trillion yen of ETF purchases and 80 trillion yen of asset purchases under its current QQE program. Moreover, BoJ Kuroda said this actions are undertaken to help push yields down across the yield curve as the BoJ does not see any limits on QQE for time being.

The USD/JPY pair positively reacted to the news, but the price faced the resistance at the level of 123.77 and now it is trading in the middle of a trading range. The next support is seen at the level of 121.37.