All eyes are on the US jobs data [Video]
![All eyes are on the US jobs data [Video]](https://editorial.fxstreet.com/images/Macroeconomics/CentralBanks/BOJ/Bank_of_Japan_2016_XtraLarge.jpg)
Yesterday was finally the day that most FX traders have been waiting for since at least a year: the day where the Bank of Japan (BoJ) gave a hint that it will finally exit its negative interest rate policy. Precisely, the BoJ Governor said, after his meeting with the Japanese PM - that handling of monetary policy would get tougher from the end of the year. Fundamentally, it is not too early for the BoJ to start hiking its policy rate. But it would be a sudden move – that’s for sure!
In any case, it is more likely than not that the fortunes of the Japanese yen turned for good this week. In the short run, consolidation is the immediate answer to yesterday’s kneejerk rally – which took the USDJPY immediately into the oversold market conditions as the move was also amplified with many traders covering their short positions. But from here, USDJPY traders will be looking to sell the tops rather than to buy to dips.
Elsewhere, the US bonds were little changed yesterday – for once – as traders sat on their hands ahead of this week’s much-awaited US jobs data, while technology stocks were on fire yesterday. Today, all eyes are on the US jobs data!
Author
Ipek Ozkardeskaya
Swissquote Bank Ltd
Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.
