Yen Slides After BoJ Keeps Policy Dovish

The Bank of Japan’s policy meeting earlier resulted in a smaller than expected tweak to the yield curve control settings, sending the Yen sharply lower.

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  1. The USD/JPY currency pair rose strongly during the Asian to again trade well above the big round number at ¥150 after the Bank of Japan made a smaller change than expected to its yield curve control settings. This currency pair especially, and the Japanese Yen in general, will remain interesting to trend traders. In the Forex market since the Tokyo open, the strongest major currency has been the Swiss Franc, while the Japanese Yen has been the weakest.
  2. This week will be an important week in the Forex market and in other markets too, with policy meetings scheduled at the US Federal Reserve and the Bank of England.
  3. The prices of some soft commodities have continued to rise significantly, with Cocoa futures reaching new long-term highs.
  4. Gold has risen very strongly over the past three and a half weeks on risk-off sentiment, breaking its usual positive correlation with stock markets, which have mostly weakened meaningfully over this same period. Last Friday saw the price close above the big round number at $2k, making a new 5-month high price, but it is the all-time high at $2,070 that looks to be the most technically significant level. I will look to get involved on the long side if we get a firmly bullish daily close above $2,070.
  5. German and Spanish inflation data released yesterday was lower than expected, suggesting that Eurozone inflation is lowering.
  6. There will be releases today of US CB Consumer Confidence and Employment Cost Index data, as well as the New Zealand Unemployment Rate.
  7. The price of Crude Oil has continued to weaken, as it seems that despite Israel’s ground invasion of Gaza, the war has yet to widen, triggering more optimism that this war might be contained.
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