Earlier this
morning BoJ presented the new policy framework and announced that will keep the
main interest rate unchanged as well as the ETF purchases amount and the
bond-buying program. New measures will be implement to control the yield curve
together with QE and reaching the target of 0% in 10 yr bond yield.
Ahead of BoJ’s Kuroda speech USD/JPY slipped below the bullish channel, but
after digesting the comment the pair pushed higher again. Looking to the downside,
a clear break and daily close below 101.15 could lead the bears to 100.00 -
99.50 area. Immediate resistance is seen at 103.36 and if closing above 103.00
bulls may try to test it. Anyway key resistance level remains near 104.00. Currently
the bearish scenario is preferable, but nothing is sure as higher volatility is
expected to spur the markets this evening with Fed’s statement.
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