The Japanese Yen (JPY)
Key news events today
JPY BOJ Gov-Designate Ueda Speaks
What can we expect from JPY today?
The USDJPY traded higher to reach the 135.40 price area overnight, but the move higher was quickly retraced with the USDJPY trading back in the consolidative range of 134.80. Significant volatility is expected for the Japanese Yen as the market looks toward possible comments from BoJ Governor Designate Ueda regarding his stance on the current monetary policy. A hawkish view and suggestions over possible tightening could see the Japanese Yen strengthen strongly. This could lead the USDJPY to trade significantly lower, down to the 133 round number and key support level.
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 Bullish
