Placeholder canvas
HomeFinance NewsUSD/JPY edges up following BOJ policy announcement, settling slightly higher.

USD/JPY edges up following BOJ policy announcement, settling slightly higher.

Published on

The market reaction to the Bank of Japan’s decision to end negative rates and scrap its yield curve control policy was muted, as traders had already been preparing for the announcement throughout the week. The Japanese central bank’s leaks ahead of the official announcement were a strategic move to prevent any excessive market volatility. As a result, the reaction to the news did not spark the significant movement that some had anticipated.

Following the announcement, the USD/JPY pair experienced a slight whipsaw effect, fluctuating between 149.00 and 149.70 before settling around 149.60 levels. Despite the initial spike to 149.90, the pair retraced back to its current level. Key resistance and offers are currently concentrated near the 150.00 mark, indicating a lack of surprises or major shifts in the market sentiment.

With traders well-prepared for the event, the lack of substantial surprises has kept the market relatively stable. As highlighted in earlier analysis, for the yen to experience a significant rally, it would require more than just the actions of the Bank of Japan to justify any compelling downside momentum. Therefore, the market remains subdued as it awaits further developments to drive meaningful movement in the USD/JPY pair.

Source link

Latest articles

Bitcoin enters fourth halving with miner’s block subsidy reduced to 3.125 BTC.

Bitcoin's latest halving event has now been completed, reducing miners' block subsidy rewards from...

Anticipated Features in Apple’s M4 MacBook Pro Lineup

Apple is gearing up to release an updated MacBook Pro lineup featuring M4 chips...

Letitia James seeks judge to nullify Trump’s bond in fraud case.

New York Attorney General Letitia James has raised concerns about the validity of the...

Tesla recalls 4,000 2024 Cybertrucks in latest recall.

Tesla is issuing a recall for 3,878 of its 2024 Cybertrucks due to a...

More like this

Bitcoin enters fourth halving with miner’s block subsidy reduced to 3.125 BTC.

Bitcoin's latest halving event has now been completed, reducing miners' block subsidy rewards from...

Anticipated Features in Apple’s M4 MacBook Pro Lineup

Apple is gearing up to release an updated MacBook Pro lineup featuring M4 chips...

Letitia James seeks judge to nullify Trump’s bond in fraud case.

New York Attorney General Letitia James has raised concerns about the validity of the...