Forex (SPOT)

USDJPY: Intraday Analysis & Setup update

The yen stabilizes after Tuesday’s falls following comments by Bank of Japan Governor Kazuo Ueda about weak consumption and by stronger-than-expected U.S. inflation data, though sentiment isn’t picking up much despite the possibility of the BOJ raising rates, says Kit Juckes, FX strategist at Societe Generale Research, in a note. The BOJ’s next policy decision is on March 19, with steps towards exiting negative interest rates expected either this month or in April. “One week to go, sentiment towards the yen remains negative and cynicism about what a change in BOJ policy can do for it, is at a high​,” he says. USD/JPY trades flat at 147.716.

 

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