USD/JPY Rallies on BoJ Decision and Strong US Dollar.
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During the end of North American session, the USD/JPY pair rallies to its highest level since March 10, reaching around the 136.28 region. Despite a slight retreat following the release of US macro data, the pair still remains up over 1.5% for the day at around the 136.00 mark.
The Bank of Japan's decision to maintain its ultra-loose monetary policy settings and yield curve control (YCC) by a unanimous vote, coupled with the BoJ Governor's dovish tone during the post-meeting press conference, has resulted in the Japanese Yen (JPY) being the worst-performing G10 currency on Friday. This, in combination with a resurgent US Dollar (USD) demand, has provided a boost to the USD/JPY pair, leading to an intraday rally of over 300 pips.
According to technical analysis, the pair is currently within a strong resistance area, which may result in a rejection or retracement following the main trend scenario. However, if the price exceeds 138.000, a long trade setup may be considered.
The Bank of Japan's decision to maintain its ultra-loose monetary policy settings and yield curve control (YCC) by a unanimous vote, coupled with the BoJ Governor's dovish tone during the post-meeting press conference, has resulted in the Japanese Yen (JPY) being the worst-performing G10 currency on Friday. This, in combination with a resurgent US Dollar (USD) demand, has provided a boost to the USD/JPY pair, leading to an intraday rally of over 300 pips.
According to technical analysis, the pair is currently within a strong resistance area, which may result in a rejection or retracement following the main trend scenario. However, if the price exceeds 138.000, a long trade setup may be considered.
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