USDJPY yesterday drew a bullish small body candlestick with a long wick on the top candle indicating the price had reached 143,937 and closed at 143,606. A UOB group analyst predicts USDJPY could test the 144.00 resistance which could trigger a rise towards 145.50.
The Japanese Yen weakened yesterday even though the Fed had cut interest rates by 50 basis points on Wednesday which caused market turmoil including USDJPY. Yesterday's FOMC and unemployment claims supported the strengthening of the US dollar as one of the reasons for the weakening of the Japanese Yen.
Fed policymakers raised their long-term projection for the Federal Funds rate from 2.8% to 2.9%. Meanwhile, the actual Unemployment Claims data was 219k smaller than the forecast 230 from the previous revision of 231k.
Today traders will focus on the BoJ interest rate forecast unchanged at 0.25% with an eye on the potential for future interest rate increases in the monetary policy statement.
The Japanese Yen weakened yesterday even though the Fed had cut interest rates by 50 basis points on Wednesday which caused market turmoil including USDJPY. Yesterday's FOMC and unemployment claims supported the strengthening of the US dollar as one of the reasons for the weakening of the Japanese Yen.
Fed policymakers raised their long-term projection for the Federal Funds rate from 2.8% to 2.9%. Meanwhile, the actual Unemployment Claims data was 219k smaller than the forecast 230 from the previous revision of 231k.
Today traders will focus on the BoJ interest rate forecast unchanged at 0.25% with an eye on the potential for future interest rate increases in the monetary policy statement.
