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USD/JPY Pushes to Fresh High as BoJ Broadens Bond Buying

FOREX
  • USD/JPY pressed to a fresh weekly high in late Asia / early European hours as the BoJ outlined their bond-buying schedule for Q2, expanding the maturity range of purchases to incorporate the super-long end of the curve. The tweaked schedule outlines the ability of the BoJ to remain flexible amid global pressures - most notably the recent banking fallout that send global yields lower.
  • USD/JPY showed above Y133.50 for the first time since March 17th in response, opening next resistance at the 133.89 100-dma. Progress through here would mark a 50% retracement for the March downleg, but further strength in the pair is needed to reverse the current medium-term bearish signals.
  • NOK/SEK has turned lower to reflect the moderation in Brent oil prices so far Friday, but the cross remains well off the nearest notable support at the Mar20 low of 0.9725.
  • The USD is generally firmer, but remains within the March downtrend channel drawn off the March 8th high. Data releases pick up into the US crossover, with February PCE, personal income & spending, the final UMich sentiment reading as well as the March MNI Chicago PMI. Markets look for the PMI to deteriorate slightly to 43.0 from 43.6.
  • A number of central bank speakers are also on the docket, with ECB's Lagarde & Vujcic as well as Fed's Williams and Cook set to speak.
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