Results of the Bank of Japan meeting

The results of the meeting of the Bank of Japan were published today at the beginning of the day. According to these results, the monetary policy of Japan remained unchanged. Also, the forecasts were noted in the report about Japan’s GDP growth in subsequent years. The forecasts on the reduction of inflation in the coming years became the reason for the decrease in the yen. It will negatively affect the Japanese economy and the possibility of raising rates.

Now the market’s attention is focused on the press conference of the head of the Bank of Japan. It is expected to be in a restrained-soft manner that will increase pressure on the Japanese currency.

As a result, the pair USD/JPY is trading near the support level of 112.90-113.00 that is a significant psychology. Forming a turn from this level will open the way for buyers to recent highs: 113.80 and 114.50. Otherwise, fixing below 113.00-112.90 will indicate a more significant correction to the support levels: 112.50-20 and 111.70.

Recommended for reading https://esterholdings.com/en/2017/10/26/kriptovalyuta/

Hanzenko Anton