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BoJ Action Results In JPY Weakness

JPY

The BoJ’s move to enforce the upper boundary of its 10-Year JGB yield trading band has weighed on the JPY, as the BoJ’s actions reinforce the divergence between the dovish path that it is choosing to follow and that trodden by its developed market central bank peers. USD/JPY has moved to fresh cycle highs as a result, printing Y122.97 last. Note that initial levels of technical resistance have been breached, with little in the way of meaningful resistance located until the previously flagged Nov 18 ’15 high (Y123.76).

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The BoJ’s move to enforce the upper boundary of its 10-Year JGB yield trading band has weighed on the JPY, as the BoJ’s actions reinforce the divergence between the dovish path that it is choosing to follow and that trodden by its developed market central bank peers. USD/JPY has moved to fresh cycle highs as a result, printing Y122.97 last. Note that initial levels of technical resistance have been breached, with little in the way of meaningful resistance located until the previously flagged Nov 18 ’15 high (Y123.76).