March 10, 2023 02:49 GMT
USD/JPY Marginally Firmer In Volatile Trade, BOJ Holds Policy Unchanged
USD/JPY prints at ¥136.30/40, ~0.2% firmer as the BOJ leaves policy unchanged.
- The pair rose from a touch below ¥136 handle before meeting resistance ahead of ¥137.00 before paring gains to current levels.
- The spike higher may have been facilitated by downside protection that was in play that we flagged earlier. In the lead up to the decision the 1-week risk reversal was at the lowest level since the depth of the initial COVID outbreak.
- Focus now is on global macro factors, re observed global equity weakness and fall in US Treasury Yields, ahead of this evenings NFP print.