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Free AccessYen Pressured After BOJ Holds Policy Steady
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 ¥143.45/50, ~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.
- Kiwi is firmer, NZD/USD is up ~0.3% as yesterday's NY session losses are trimmed. A reminder that early in today's session the November Trade Balance narrowed a touch from October printing at $1.234bn. ANZ Business Confidence ticked higher in December to 33.2 from 30.8, the Activity Outlook rose to 29.3 from 26.3.
- AUD/USD is up ~0.2%, the pair is consolidating above the $0.67 handle today. Support was seen for the AUD after the RBA minutes were a touch hawkish.
- Elsewhere in G-10 there have not been any moves of note.
- Cross asset flows are muted; US Tsys and US Equity futures are little changed today, as is WTI.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.