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The latest U.S. labour market report came in strong on most metrics. Yet the dollar failed to make any significant headway in the hours after the release. Friday's weakest currency was the yen, which weakened in early hours that day, despite BOJ slowly moving away from its bond buys. USD/JPY snapped back towards 110, retracing 50% of the recent downswing.
al_dcdemo's Blog
USD/JPY breaks below 105.30
USD/JPY finally broke below 105.30 support in thin conditions. Trump's tariffs spurred some retaliatory measures from China, which has not helped risk sentiment and the pair. The decline has been orderly so far but I'm sure BOJ officials are near their screens, and phones. 105 - 105.30 should now act as a resistance. 102.5 - 103 is the next target.
Bank of Japan on hold, North Korea to denuclearize
BOJ keeps monetary policy on hold. My guess is that, for now, they'll just proceed with small off-meeting tweaks (tightenings) and save regular meetings for any bold decisions (easings). What moved USD/JPY overnight was news of North Korea steps to commit to denuclearization and thawing of the relationship with the U.S. Trump is said to accept Kim's invitation for a meeting. It shouldn't be too much of a surprise if the two go on to become best friends after all.
Yen the performer of the week
Bank of Japan is turning every so slightly more hawkish, even though its officials are trying to downplay it. U.S. Administration's politics continues to weigh on the dollar, despite interest rate advantage against most major currencies. USD/JPY extended its decline, pausing at the 76.4% retracement of the Trump rally. If 105 - 105.5 area gives way, a quick fall to 101.5 - 102.5 is quite possible.
USD/JPY drops on the BOJ decision, then recovers
BOJ kept the monetary policy unchanged at this meeting. The bank admitted that inflation is (slowly) rising towards the target of 2.0% and bumped up inflation expectations outlook in quarterly report. USD/JPY dropped about 30 pips but has since recovered. 110 - 110.25 is the area to watch on the downside and 111.50 on the upside.
Will the dollar gap lower?
U.S. government failed to pass funding bill and went into shutdown. This will probably last a couple of weeks, the question is what it means for the U.S. dollar. A small gap lower is possible, but with ECB and BOJ meetings next week, a correction rather than continuation of the dollar weakness may be in the cards.
USD/JPY falls as BOJ tapers
USD/JPY dropped like a rock as Bank of Japan bought slightly less JGBs than in previous open market operation. Selling already began yesterday though as the pair rejected prices above 113.30. 112 - 112.25 is the support area to watch.
USD/JPY posts another revesal pattern
The pair rallied about 50 pips in the opening hours, on the back of dovish comments by BOJ governor Kuroda, but then gave back twice as much by the end of the day.
Yen poised to break out of the tight range
Since post-FOMC move from 108.80 to 111.80, Yen's been trading in an 80-pip range. BOJ released Summary of Opinions from their most recent meeting which confirmed that the bank is not planning any tightening in monetary policy just yet, at least not publicly.
USD/JPY has been sandwiched between 200 and 100 DMA, and whichever will give way first will suggest direction for the next leg. An upside break appears more likely at the moment with 112 and 112.50 the targets. Conversely, a break below 111…
USD/JPY has been sandwiched between 200 and 100 DMA, and whichever will give way first will suggest direction for the next leg. An upside break appears more likely at the moment with 112 and 112.50 the targets. Conversely, a break below 111…
Yen volatile ahead of the BOJ meeting
USD/JPY continues to be volatile. The pair has been moving on stimulus package size rumours recently. After falling nearly 300 pips from Monday high to Tuesday low it retested Monday high earlier today before pulling back again.
The BOJ concludes their two day meeting on Friday when they'll be announcing the eagerly awaited decision. Depending on if, what and how much they'll do, the decision has the potential to move the pair a couple of hundred of pips in either direction.
The BOJ concludes their two day meeting on Friday when they'll be announcing the eagerly awaited decision. Depending on if, what and how much they'll do, the decision has the potential to move the pair a couple of hundred of pips in either direction.