WWM - Analytics

    WWM

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    Forex: USD/JPY Rebounds to 120.15. BOJ Monetary Policy Unchanged.

    Dollar yen fell from 120.25 to 119.70 (-55 pips) following the news that the Bank of Japan kept their monetary policy unchanged which prompted immediate yen buying interest and at the same time dissapointment to those who expected further easing from the BOJ.

    The European market however, took the USDJPY rate higher to 120.18 on a short covering rebound and rounds of profit taking. In the same token, EURJPY also rebounds from the 134.75 low to 135.30 with much buying interest at the 134.75 level.

    The Bank of Japan left their monetary policy unchanged with their annual JGB bond buying program unchanged at the annual pace of 80 trillion yen. The vote came out 8-1 with Kiuchi again being the dissenter for taper, but easy rates. Business sentiment is still favorable.

    USDJPY.10.7 resized 600 

    EURJPY.10.7 resized 600

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