Forex (SPOT)

USDJPY: Setup Analysis Update

The Japanese yen depreciated toward 151 per dollar, hovering near its lowest levels since 1990, weighed down by hawkish signals from the US Federal Reserve which could widen interest rate gaps between the US and Japan that have pressured the currency for years. The yen also continued to reel from the Bank of Japan’s November policy decision, where it pledged to patiently maintain accommodative monetary settings and made no significant move towards normalizing policy. The BOJ kept its policy rate steady at -0.1% and maintained the 10-year JGB yield target at around 0%, while making small adjustments to its yield curve control policy. The central bank re-defined 1% as a loose “upper bound” rather than a rigid cap and removed a pledge to defend the level with offers to buy an unlimited amount of bonds.

Intraday Analysis | 1H Time Frame |

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