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22 May 2013
USD/JPY steady near 102.50 after BoJ Monetary Policy release
FXstreet.com (Barcelona) - The USD/JPY is still trading in a narrow range after the most recent BoJ monetary policy release, up 10 pips at 102.50
According to analysts at FXStreet.com, "the Bank of Japan has announced that it will keep the monetary policy unchanged by an unanimous vote, with the increase in the monetary base at the expected pace of ¥60-70 trillion, but nothing new was announced. The BoJ did not make any mention to the impact that the radical easing measures is having on Japan's bond marker, where yields have been rising steadily in recent weeks. It was never expected to make any specific comments, but it may be seen as a slight disappointment by the market."
The FXStreet.com Trend Index remains in slightly bullish set up on the 4 hour chart, while the OB/OS index continues to remain neutral. Initial support remains at 102.27 (the 9 dma), followed by 102.00 (bullish demand candles on 1 hour chart). First resistance sits at 102.90 (supply candles on 1 hour chart), followed by 103.11 (high price from 5/20).
According to analysts at FXStreet.com, "the Bank of Japan has announced that it will keep the monetary policy unchanged by an unanimous vote, with the increase in the monetary base at the expected pace of ¥60-70 trillion, but nothing new was announced. The BoJ did not make any mention to the impact that the radical easing measures is having on Japan's bond marker, where yields have been rising steadily in recent weeks. It was never expected to make any specific comments, but it may be seen as a slight disappointment by the market."
The FXStreet.com Trend Index remains in slightly bullish set up on the 4 hour chart, while the OB/OS index continues to remain neutral. Initial support remains at 102.27 (the 9 dma), followed by 102.00 (bullish demand candles on 1 hour chart). First resistance sits at 102.90 (supply candles on 1 hour chart), followed by 103.11 (high price from 5/20).