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Yen Pressured After BOJ Delivers YCC Tweak

FOREX

The Yen has been after the latest monetary policy decision from the BOJ. Policy was left unchanged however the focus was on the language tweak around YCC, with the 1% upper bound referred to as a reference point.

  • USD/JPY is ~0.5% firmer, however the pair is below the ¥150 handle for now after briefly breaching the handle in the aftermath of the BOJ decision. Technically the uptrend remains intact. Resistance comes in at ¥150.78, high from Oct 26, and ¥151.95, high from Oct 21.
  • AUD is pressured, extending falls seen after a mixed Chinese PMI report as the bid in USD/JPY spills over into wider USD strength. AUD/USD is down ~0.4% at $0.6345/50. Technically the trend outlook is bearish, support comes in at $0.6270 low from Oct 26 and key support.
  • Kiwi is down ~0.3% last print at $0.5825/30, NZD/USD sits a touch off session lows however ranges do remain relatively narrow.
  • Elsewhere in G-10; EUR and GBP are down ~0.2% reflecting the broader move in the USD. BBDXY is up ~0.2%.
  • Eurozone GDP data provides the highlight in Europe today.
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