New Japanese Prime Minister, Ishiba commented the country's monetary policy expressing that the Japan 'is not in the environment for an additional hike'. Markets interpreted that as a sign of holding still extremely dovish policy in Japan (despite last 2 rate hikes). Previously the Bank of Japan chair, Ueda told to Ishiba that 'we will adjust degree of monetary easing if outlook is realized but will take careful steps to determine that since it takes time'. According to Ueda, Japan's economy is now in an extraordinarily easy environment. However, Ueda agreed to 'close coordination' between government and the BoJ.
USDJPY (D1, M15 interval)
As we can see, Japanese yen weakened after the comments, and USDJPY gains almost 0.9% today, as traders weigh in dovish voices from Japanese government officials, and perspective of 'dovish stance' of new Japanese PM, Ishiba. Major support is now set at 140 zone, while 146 (EMA50, orange line) and 148 levels (23.6 Fibo) are important resistances to watch.
Source: xStation5
Source: xStation5
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