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- Citigroup (based on Reuters)
Pair's Outlook
The American Dollar closed at the lowest level in three weeks yesterday, but was still unable to reach the immediate support. Ahead of the BoJ meeting today the USD/JPY currency pair kept edging lower, but the Yen experienced a rather sharp decline once the BoJ announced its new policy framework, aimed to keep inflation rising. The rally, however, was limited by the one-year down-trend, which is also expected to remain intact today. The pair is expected to erase most of its post-BoJ gains, closing around the 102.00 mark. Meanwhile, technical studies retain mixed signals, also suggesting that no dramatic development is due.
Traders' Sentiment
Traders' sentiment remains moderately bullish, now at 61%, while the share of buy orders barely changed itself, having risen from 51 to 54%.
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