The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Early in the trading session today, the USDJPY broke out of the overnight consolidation and is currently trading at the 134.50 price level. Expect significant volatility on the Japanese Yen as the market speculates on a potential adjustment to the monetary policy, either by the current Governor or his successor. If the USDJPY breaks strongly to the upside, the price could climb toward the near term high of 135, with the key resistance level at 138. However, it is likely that the USDJPY could continue to fluctuate between 134.50 and 133.50.
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
