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USDJPY has broken below 102 continuing its slide against JPY on the heels of the BoJ's disappointing lack of additional money-printing. Since Friday USDJPY has fallen over 250 pips along with other major currencies such as EURJPY, GBPYJPY, AUDJPY.
In fact USDJPY had its biggest daily drop in 8 months after stimulus hope premia is removed from the FX carry trade juicer. This dive has driven Nikkei 225 futures down almost 1000 points from Friday's
highs.
The BoJ is expected to add more stimulus by July to help drive inflation closer to a 2 percent target and to strengthen the economy ahead of another possible tax increase next year.
Based on current price action, I am anticipating USDJPY to hit 100 level by end of week.
In fact USDJPY had its biggest daily drop in 8 months after stimulus hope premia is removed from the FX carry trade juicer. This dive has driven Nikkei 225 futures down almost 1000 points from Friday's
highs.
The BoJ is expected to add more stimulus by July to help drive inflation closer to a 2 percent target and to strengthen the economy ahead of another possible tax increase next year.
Based on current price action, I am anticipating USDJPY to hit 100 level by end of week.
