USD/JPY falls as the BOJ refrains from new action
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USD/JPY falls as the BOJ refrains from new action

The Bank of Japan made no new policy decisions. This was expected after the huge QE announcement made earlier in the month, in Kuroda’s first decision.

However, the markets probably wanted an additional dose of QE or of big declarations. With no new fuel to weaken the yen, USD/JPY lost the 99 line and is getting further away from 100. Will the US GDP release push the pair higher?

See how to trade the US GDP with USD/JPY.

The vote was unanimous, and the BOJ pledges to increase the monetary base at an annual base 60 to 70 trillion yen. Fresh figures from Japan showed that deflation is still strong: core CPI fell by 0.5% in March, contrary to expectations of -0.4%. Other CPI figures don’t look good either.

This is how USD/JPY looks on the charts: the pair was already pressured before the announcement, and extended its falls afterwards, reaching a low of 98.22 before rebounding to 98.70 at the time of writing.

[do action=”tradingviews” pair=”USDJPY” interval=”60″/]

For more on the yen, see the USD/JPY forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.