The market had it right recently, paring yen-gains ahead of the BoJ meeting. I have been noting the bullish outlook in USD/JPY and GBP/JPY based on recent price action. The Bank of Japan concluded its meeting by announcing that it was going to adopt negative interest rates. The BoJ sounded dovish as it stands ready for even more stimulus measures. I think we all expected a dovish BoJ, and it delivered beyond expectation.USD/JPY 4H Chart 1/29(click to enlarge)As we can see USD/JPY bounced off 116 last week. This was a critical support. Then ahead of the BoJ, price was anchoring higher, and accelerated after the dovish announcement. I still stand by my initial target of 122. But I think the BoJ announcement added more upside risk. 122 can now be a conservative target, while the highs in the 125-125.85 area would be the aggressive target. GBP/JPY Daily Chart 1/29(click to enlarge) The GBP/JPY also found support last week and was moving up ahead of the BoJ announcement. I will skip the 4H chart, and focus on the daily chart, where we see the next 2 key resistance levels at 1) 175.50 and 2)180.25.