BOJ's Monetry Policy
Today BOJ will be announcing new monetry policy. There will be nothing new in it. In previous meeting they have decided to reach target inflation rate of 2%. They r also facing a lot of criticism due to these steps. JPY has declined significantly against all major currencies. Today's meeting will, most probably, will be about decision to continue this policy.
So there will not be any significant impact, of this meeting, on market.
What do u think?
Well market was affected by Japan's lower than expected GDP. Not only Japan but many other countries in eurozone had less GDP.
BOJ is already taking measures to weaken jpy.
Originally posted by JogiWell market was affected by Japan's lower than expected GDP. Not only Japan but many other countries in eurozone had less GDP.
BOJ is already taking measures to weaken jpy.
This decline in GDP mainly affected euro. Japan is actually trying to inflate its currency and has been successful so far. This decline will obviously decrease value of japan but it is upto them how they look at it. They r happy with devaluation but not with GDP decline.
Start of the week didnt provide much liquidy as U.S was off due to President's day holiday. So eur/usd was in a state of consolidation with predictions of bearish move (by looking at feb data). But the pair has move upwards near the resistance zone. If it crosses resistance zone of 1.3425, technically next target would be 1.3500.
USD gained strength against most currencies yesterday. There were some positive news release which caused strength in usd. Only housing starts data dropped. Only pair unaffected by this release was usd/jpy which remained in consolidation mode.
Stick to your rules
Once again usd/jpy has been down below 99.00
I am hoping for a bullish trend this week but so far it has resisted upward move. I was expecting to go near, at least, 99.75.