USD/JPY remains bullish after BoJ stays on hold

Gregor Horvat Wavetraders

Japan FinMin Suzuki: Will Deal With Forex Appropriately But Declines To Say Whether Forex Moves Are Excessive

USDJPY breaks higher as inflation came at 1.8% down from 2.5% expectations, and 2.6% prev reading. Thats very interesting reading. Who would think of this data considering how expensive are commodities for them, including oil, with recent drop of JPY. But it puts less pressure on BoJ to hike. Maybe more time is needed for inflation to show up and that's when they will hike, in coming months.

In Elliott wave cycles, we see big third leg up with room for 160, potential resistance for this year.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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