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The BOJ is up this week! Think it will affect JPY’s intraweek trends?

But first, did you miss last week’s price action? Read JPY’s price recap for April 20 – 24!

Now, here are other potential catalysts you should know about.

BOJ’s policy decision (Apr 28, Asian session)

  • Bank of Japan (BOJ) maintained its interest rates (-0.10%) and target 10Y JGB yield target (0.0%) as expected
  • BOJ increased pace of annual ETF purchases from 6T JPY to 12T JPY
  • BOJ vowed to increase easing measures “as needed”
  • JPY rose across the board aided by Trump hinting that the U.S. “may” be headed for a recession
  • Some traders expect announcement on additional (unlimited?) bond buying from BOJ this week
  • BOJ will also print its quarterly outlook, which could hint at the long road to economic recovery

Read: Who Has Done What for Their Economies Since the Coronavirus Pandemic Hit?

Lower-tier reports

  • Unemployment rate (Apr 27, 11:30 pm GMT) to inch up from 2.4% to 2.5% in March
  • BOJ’s core CPI (Apr 28, 5:00 am GMT) to maintain 0.2% growth in April
  • Industrial production (Apr 29, 11:50 pm GMT) expected to drop by 5.3% vs. 0.3% decrease in February
  • Retail sales (Apr 29, 11:50 pm GMT) seen at -6.0% vs. 0.6% gain in February
  • Consumer confidence (Apr 30, 5:00 am GMT) to improve from 30.9 to 31.5 in April
  • Tokyo’s core CPI (Apr 30, 11:30 pm GMT) seen lower from 0.4% to 0.1% in April

Overall risk sentiment

  • The safe haven yen could take hits if the risk-friendly theme continues to dominate the markets this week
  • Policy decisions from the Fed and the ECB can also affect overall risk-taking
  • Coronavirus updates and closure and reopening plans of major economies can also affect appetite for safe havens

Technical snapshot

  • JPY has gained the most against CHF, EUR, and GBP in the last seven days
  • JPY has lost pips against CAD and AUD in the past week

  • Stochastic flags JPY as “overbought” against EUR on the daily time frame

  • JPY is on bullish trends for the most part
  • JPY is seeing short-term bearish pressure against NZD and AUD