USDJPY – BOJ Interest Rate Decision

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The Bank Of Japan (BOJ) and the Federal Reserve (Fed) are two of the most influential central banks in the world. The BOJ will make interest rate decision tomorrow at 3 am GMT. What if the BOJ decides to move away from negative interest rate. The traders are not giving the event much importance. If the BOJ decides to increase the interest, USDJPY may fall further. Whereas Fed in its last commentary expressed that the interest rate may fall in the near future. If the Fed decides to lower interest rate. it could lead to a decrease in the value of the US dollar, which could cause the USDJPY currency pair to fall.

Traders are paying more attention to Fed for any further direction rather than on BOJ. Looking into the holiday mood the moves might be in a range and the volumes are also very low.

Technically USDJPY currency pair is showing negative bias. The moving averages are indicating strong sell sentiment. The currency pair is in oversold territory as per STOCHRSI(14) indicator. The resistance level in USDJPY is at 144.5. Any further selling pressure can move the pair towards 140.7 level.

In conclusion, traders should keep an eye on these central banks’ decisions when trading the USDJPY currency pair. There seems lack of clarity for any further direction.


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