USD/JPY: a steady open after last week’s BoJ sell-off

By FXStreet FXStreet (Guatemala) – USD/JPY is steady in the open in Tokyo as we head into thin trade and holiday markets this week after last week BoJ sell off. The Fed is done and dusted for now, the BoJ made some technical adjustments last week, but analysts at Bank of Tokyo Mitsubishi suggested that there were, if anything underlining the constraints that exist in implementing additional easing.

There is very little left that would change the scope for the price within the recent ranges as we head towards Christmas although some key data releases that will most likely be traded in the new year rather than have anything but a marginal effect this week. The BoJ minutes will be out, and scrutinsed in respect of the recent mopve sby the BoJ by extending the maturity on 10yrs to 12 years out and ast the same time expanding the eligible collateral for Bank credit, including foreign currency denominated loans and housing loan portfolios. There will also be the GDP Q3 for the US and durable goods orders for Nov.

USD/JPY levels

Technically, Valeria Bednarik, chief analyst at FXStreet explained that the technical picture is now bearish, as in the daily …read more

Source:: FX Street