USD/JPY may stay range bound until Friday when the Bank of Japan (BoJ) announces its latest monetary policy decision. Get your market update from nickcawley1 here:
USD/JPY may stay range bound until Friday when the Bank of Japan announces its latest monetary policy decision. While the Bank Rate is fully expected to be left untouched, the BoJ will also release its Quarterly Outlook Report. This report will give the market further insight into the Bank’s thinking and how they see economic conditions going forward.The daily USD/JPY chart paints a slightly different picture from the 5-minute chart.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests that USD/JPY prices may continue to rise. Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USD/JPY trading bias.