The Japanese Yen (JPY) steadily sinks on Monday ahead of the main event on the horizon, the Bank of Japan (BoJ) policy meeting on Tuesday.
Japanese Yen edges lower after Friday’s steep recovery. The week ahead includes key meetings of the Bank of Japan and the Federal Reserve. USD/JPY recovers but remains pressured below 150 and an important short-term trendline. The BoJ is not expected to raise interest rates, but with inflation running above its 2.0% target, it could still adjust its Yield Curve Control mechanism, used to manage Japanese Government Bond Yields . If so, this could support the Yen in its pairs .
USD/JPY rose to a new 12-month high last week after Tokyo inflation data for October, released last Friday – and widely seen as a leading indicator for Japan-wide inflation – came out higher than experts had expected. Japanese Yen technical analysis: Trading around key trendline USD/JPY, which is trading in the 149.70s at the time of writing, remains stuck below the key 150 psychological and purported ‘intervention’ threshold.
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