22 Jan 2015
USD/JPY within familiar range, back in hands of the bulls
FXStreet (Guatemala) - USD/JPY is currently trading at 117.92 with a high of 118.00 and a low of 117.74, up 0.09% on the day so far.
USD/JPY has started to settle in on 117.80 having lost traction previously around a cent higher. The markets took full advantage of the market turmoil on the rumours around the ECB's proposed plans for sovereign QE that saw the Yen from being in demand to into supply again having reached lows vs the greenback down at 117.17.
The Yen has since been with the bulls who were piking it up cheaply from the lows and testing the 118 handle into the close of the US session. Casting minds back overnight, the BoJ cut their inflation forecasts for the fiscal year from 1.7% to 1%, as expected, but they raised their growth forecast to 2.1% for the Financial year. The Bank of Japan's decision was to stay put on its current policy, and that has seen some long US Dollar positions unwound given the disappointments to those expecting additional monetary easing.
USD/JPY has started to settle in on 117.80 having lost traction previously around a cent higher. The markets took full advantage of the market turmoil on the rumours around the ECB's proposed plans for sovereign QE that saw the Yen from being in demand to into supply again having reached lows vs the greenback down at 117.17.
The Yen has since been with the bulls who were piking it up cheaply from the lows and testing the 118 handle into the close of the US session. Casting minds back overnight, the BoJ cut their inflation forecasts for the fiscal year from 1.7% to 1%, as expected, but they raised their growth forecast to 2.1% for the Financial year. The Bank of Japan's decision was to stay put on its current policy, and that has seen some long US Dollar positions unwound given the disappointments to those expecting additional monetary easing.