FxWirePro: USD/JPY jumps above 104.00 mark after BOJ’s meeting minutes
Monday, November 7, 2016 12:58 AM UTC
- USD/JPY is currently trading around 104.02 marks.
- It made intraday high at 104.47 and low at 103.75 levels.
- Intraday bias remains bullish till the time pair holds key support at 102.55 levels.
- A daily close above 104.16 will take the parity higher towards key resistances around 104.99, 105.50, 106.12, 106.72, 107.49, 107.90 and 109.13 levels respectively.
- On the other side, a sustained break below 103.75 will drag the parity down towards key supports around 102.67, 101.56, 100.30, 99.27 and 98.78 levels respectively.
- BOJ September meeting minutes: Some members said firms' cautious price-setting behaviour might continue for longer than expected.
- BOJ minutes: Many members shared the view that QQE had lowered real interest rates by raising inflation expectations and pushing down nominal interest rates.
- BOJ minutes: One member said it was necessary to implement monetary policy that would raise inflation expectations.
- BOJ minutes: One member said change in the yield curve after adoption of negative rates had been largely induced by temporary, somewhat speculative moves.
- BOJ minutes: One member noted that achieving both an interest rate target and a quantitative target in the implementation of monetary policy was difficult.
- Japan September overtime pay increases to -1.3 % vs previous -1.9 %.
- In addition, Japan’s Average Cash Earnings rose to a seasonally adjusted 0.2%, from 0.0% in the preceding quarter whose figure was revised up from -0.1%.