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Pressured After BOJ Holds Policy Steady

JPY

The Yen has been pressured as the BOJ held policy unchanged as expected with the short-term rate at -0.1% and a target for the 10-year JGB yield at about 0%.

  • USD/JPY last prints at ¥143.55/60, ~0.5% higher today. We sit a touch below the immediate post decision high of ¥143.73.
  • Resistance at ¥143.16, high from Dec 18, has been breached and the next target for bulls is ¥143.78, 50.0% retracement of Dec 11-14 sell off. A break through here opens ¥146.59, High from Dec 11 and key short term resistance.

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