The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
On Friday, the USDJPY spiked to the downside, rejecting the 131.50 price level to test the 129.90 price level, following the news release from the BoJ regarding the appointment of Kazuo Ueda as the next BoJ Governor. However, the move lower was brief with renewed DXY strength taking the USDJPY higher again, leading the price to end the week just below the 131.50 price level. Early today, as the DXY continues to strengthen, and with the USDJPY trading just below the 132 price level, further upside could be anticipated. Look for the price to break above the 132-round number resistance level to signal further upside potential, with the next key resistance level at 132.65.
Central Bank Notes:
Cash rate stands at -0.1%
Expanded range for 10 year JGB yield fluctuations to 0.5%
Next meeting is on 8 March 2023
Next 24 Hours Bias
Weak Bearish
