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The BOJ is up this week! Will Governor Kuroda and his team keep policies unchanged as expected? More importantly, how will the yen react to the event?

Here’s a list of catalysts that might affect the yen’s intraweek trends!

BOJ’s policy statement (June 16, Asian session)

Lower-tier releases

  • Trade balance (June 16, 11:50 pm GMT) to show both imports and exports taking 23% to 28% dips?
  • National core CPI (June 18, 11:30 pm GMT) might improve from -0.2% to -0.1% in May
  • BOJ’s meeting minutes (June 18, 11:50 pm GMT) can give more details on the BOJ statement’s main points

Market risk appetite

  • COVID-19 cases and their impact on economic recovery will continue to affect the yen’s intraweek trends
  • Markets will look to the SNB, BOE, and Fed Governor Powell for stimulus trends that could help global economic recovery
  • Top-tier releases like China’s data dump, Australia’s labor data, and U.S. retail sales can influence the demand for the safe haven yen

Technical snapshot

  • Stochastic believes the yen “overbought” against the dollar on the daily time frame
JPY Forex Pairs Stochastic from MarketMilk
JPY Forex Pairs Stochastic from MarketMilk
  • The yen is still on short and long term bullish trends against the dollar
  • EMAs reflect JPY’s mainly bearish trends against the Aussie, Kiwi, euro, and franc
  • Watch out for potential retracements or reversals on CAD/JPY and GBP/JPY
JPY Forex Pairs EMAs from MarketMilk
JPY Forex Pairs EMAs from MarketMilk
  • The yen saw the most volatility against the comdolls and the pound in the last seven days
JPY Forex Pairs Volatility from MarketMilk
JPY Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read JPY’s price recap for June 8 – 12!