Friday witnessed a surge in dollar demand versus the beleaguered Japanese yen (JPY).
BoJ more dovish than expected Friday witnessed a surge in dollar demand versus the beleaguered Japanese yen . The USD/JPY pairing not only recorded its largest one-day gain this year , but the exchange rate also refreshed multi-decade highs and is swiftly closing in on the ¥160 region, a 1990 peak. Earlier on Friday, Asia Pac trading witnessed the Bank of Japan leave rates unchanged at 0.0%-0.1%, as widely expected.
The central bank’s chief stated that the plan is to maintain an accommodative policy for now, which was more dovish than expected and, hence, further depreciation in the yen was seen. The path of least resistance Keeping things simple, working from the monthly chart, channel resistance, taken from the high of ¥125.85 and resistance at ¥150.80 , were engulfed in recent trading. Month to date, the currency pair is up +4.
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