Tue, Aug 09, 2022 @ 13:48 GMT
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Bank Of Japan Keeps Policy Unchanged As Risks Fade

For the 24 hours to 23:00 GMT, the USD rose 2.11% against the JPY and closed at 110.18.

In the Asian session, at GMT0400, the pair is trading at 109.97, with the USD trading 0.19% lower against the JPY from yesterday’s close.

The Bank of Japan (BoJ), in its latest monetary policy meeting, kept its key interest rate unchanged at -0.10%, as widely expected and stated that it would not hesitate to take additional easing action if risks increased. Moreover, the central bank upgraded its growth forecast for the fiscal 2020 to 0.9% from 0.7%. Also, the projection for 2021 was raised to 1.1% from 1.0%.

The pair is expected to find support at 109.84, and a fall through could take it to the next support level of 109.71. The pair is expected to find its first resistance at 110.16, and a rise through could take it to the next resistance level of 110.35.

With no macroeconomic releases in Japan today, investor sentiment would be governed by global macroeconomic events.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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