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Yen Firms After Nikkei Reports, BOJ On Tap

JPY

USD/JPY prints at ¥139.40/50, the pair fell ~0.5% yesterday.

  • The Yen firmed after reports crossed from Nikkei in the NY session noting that the BOJ will discuss tweaking its YCC program at today's board meeting. This would allow the 10 Year Yield to rise beyond its cap of 0.5% to a "certain degree".
  • USD/JPY fell ~1.8% from peak to trough before finding support below the ¥139 handle.
  • On the downside support comes in at ¥138.77, yesterday's low, and ¥137.25 the low from Jul 14. Bulls target ¥142.08, the 61.8% retracement of the Jun 30 - Jul 14 downleg.
  • The monetary policy decision from the BOJ provides the focus of today's session, the window for the policy release is after the close of the Japanese morning session.
  • Also on the wires this morning we have the July Tokyo CPI, a headline print of 2.9% Y/Y is expected.

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