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UK: Week Ahead

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Yen Volatile Ahead Of Fed Announcement

JPY

USD/JPY see-sawed on Tuesday in choppy, pre-FOMC trade. Volatility was boosted by the imminent announcement of monetary policy decision from the Fed and the simmering Russia-Ukraine tension. The rate finished the day slightly below neutral levels.

  • USD/JPY changes hands at Y113.89 at typing, barely changed on the day. Bears keep an eye on Jan 14/24 lows of Y113.49/47 and a break here would bring Dec 17 low of Y113.14 into view. On the flip side, gains past Jan 18 high of Y115.06 would give bulls a green light for targeting Jan 11 high of Y115.68.
  • The summary of opinions from the BoJ's monetary policy meeting concluded last week headline the domestic docket today. As a reminder, policymakers changed their long-held view on risks to the inflation outlook but brushed away speculation that the phasing out of stimulus might be on the horizon.
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