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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