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Yen Weakens Ahead Of BoJ Policy Decision, Golden Week Holiday

JPY

The yen went offered across the board Wednesday as U.S. Tsy yields crept higher and participants positioned ahead of today's BoJ monetary policy decision and Japan's Golden Week holidays. The upswing in USD/JPY allowed the pair to test the ceiling of a short-term descending channel, drawn off Apr 20 cycle high. A clean breach of the channel would mark the formation of a bull flag, signalling potential for renewed gains.

  • Japan's retail sales and flash industrial output will hit the wires later today, before the BoJ announces its monetary policy decision and releases the latest Outlook Report.
  • Japan's central bank is expected to keep its ultra-loose monetary policy settings unchanged and for a good reason, despite the yen's sharp weakening over the recent week.
  • USD/JPY trades at Y128.49, up 6 pips on the day. If we see confirmation of a bull flag pattern being formed, a clearance of Apr 20 high/0.764 proj of the Feb 24 - Mar 28 - 31 price swing at Y129.40/44 would bring the Y130.00 figure into play. Bears look for a pullback towards the 20-EMA at Y126.14.
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