The Bank of Japan (BOJ) kept the interest unchanged as expected, stuck to its upbeat view on the economy and upgraded the assessment of overseas economies. How does the USDJPY pair trade after BoJ maintained status quo? Learn this as the 9 March USDJPY Technical Analysis explains.
9 March, GKFX – Also, the central bank kept yield curve control target at zero percent.
USDJPY sees little action, remains bid on fading N.Korea risks
However. the USD/JPY is not impressed. The pair continues to trade at 106.70 – the level seen before the BOJ rate decision. As of writing, the upside is likely being capped due to BOJ’s weak comments on housing investment.
The spot hit a high of 106.94 earlier today as fading North Korea risks triggered the much-awaited correction in the overbought Japanese Yen.
Focus on Kuroda
BOJ governor Kuroda is likely to reiterate the necessity to keep the policy accommodative. The Japanese Yen may pick up bid if Kuroda talks about QQE taper.
9 March USDJPY Technical Analysis
A break above 107.00 (psychological figure) would expose resistance at 107.68 (Feb. 27 high) and 107.91 (Feb. 21 high). On the downside, breach of support at 106.15 (session low) could yield a re-test of 105.55 (Feb. 16 low) and 105.25 (Mar. 3 low).
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