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USD/JPY was last seen trading at daily highs above the 109.30 level. A break above the 109.30/40 is set to pave the way towards the 110.00 psychological level, economists at OCBC Bank appraise..

Key quotes  

“The BoJ has no plans to reduce ETF buying, suggesting that it retains a dovish leaning despite widening the YCC tolerance band.”

The USD/JPY has rebounded back above the 109.00 resistance, leaving the 109.30/40 March highs back into view.”  

“Note that the short-term implied valuations have moved higher in line with spot, leaving us more convinced of the sustainability of this run higher in the pair.”  

“A breach of 109.30/40 leaves the 110.00 psychological level in play.”