It’s possible that you might have overlooked it, but Eamonn’s report that was released earlier is the cause of the yen’s increased value in the markets today.
- At the upcoming meeting, the Bank of Japan will be analyzing the potential repercussions of their loose monetary policy.
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The 0.50% limit for 10-year Japanese government bond yields has been maintained since last week, which adds to the strain on the bond market. This has created an atmosphere of apprehension that the Bank of Japan might make a sudden announcement or gradually move towards a different policy approach in the near future.
The current report has caused some speculation in regards to the upcoming policy meeting, which is likely to see the Bank of Japan raise their forecasts for inflation – especially after the Tokyo CPI had risen to its highest point since April 1982 and stayed above the 2% target of the central bank for seven consecutive months.
The rate of the pair has been wavering around the 100 (red line) and 200-hour (blue line) moving averages since last week’s drop but the overall picture shows that it is staying between 130.00 and the 135.00 levels of support and resistance. Moreover, a daily resistance level of 134.45-50 is also visible.
As we look forward to the US CPI data today and the BOJ policy meeting decision next week, the potential risks for buyers and sellers will remain determined and restricted.
It is possible that the markets could be disheartened due to the central bank not carrying out any action following their policy adjustment from the previous month. However, things seem to be slowly coming together for a potential event, so I don’t think the yen will become greatly weaker.