JPY Trading Outlook
The Japanese Yen (JPY) the USD/JPY found support at the 200DMA and we bounced to Y79.80 into the close ahead of the BOJ today. Expectations are high that the BOJ will further expand its easing policies and help stimulate the economy through the weakening of the Yen. EUR/JPY has been idle near the Y103 but is closely watched.
The Japanese Yen (JPY) USD/JPY was the most active pair in the market with a sharp reversal from Y80 after the US GDP data failed to inspire fresh gains. Profit taking ahead of the BOJ meeting dominated the price action Friday. The BOJ is expected to be aggressive when it concludes its meeting tomorrow with an increase to its own Asset Purchase Program and potentially sets its inflation target higher.
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