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USD/JPY Price Analysis: Daily Bullish Breakout

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by , 07-09-2017 at 04:24 AM (630 Views)
      
   
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On Friday, USD/JPY broke above 114 for the first time since May in large part due to persistent JPY weakness that was catapulted by a BoJ offer. The Bank of Japan offered to buy unlimited bonds at a fixed rate to help limit front end bond yields and emphasize their Yield Curve Control (YCC) approach to monetary policy. However, there were no tenders, which could mean we’ll see further JGB flattening in the near term as we see across the world. The takeaway message here is that the BoJ is actively engaged as other central banks (we’re looking at you ECB & BoC) are actively disengaging from their prior dovish stances, which could lead to persistent upside in EUR/JPY and CAD/JPY.

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