USD/JPY climbs to near 156.00 as BoJ maintains bond-buying

USD/JPY appreciates as BoJ maintains its bond-buying amounts from the previous operation.
Former BOJ chief economist Toshitaka Sekine suggested the central bank could raise the rate three times in 2024.
The US Dollar strengthens as the Fed maintains a cautious stance regarding the prospect of interest rate reductions in the current year.

Akhtar Faruqui FXStreet

USD/JPY rose to near 155.90 during the Asian session on Friday as the Japanese Yen (JPY) encountered renewed pressure. This was sparked by the Bank of Japan (BoJ) maintaining its bond-buying amounts from the previous operation, opting against a surprise cut to debt purchasing earlier in the week.

Traders speculate that the BoJ might reduce bond buying at the June policy meeting. BOJ Governor Kazuo Ueda also mentioned that there are no immediate plans to sell the central bank’s ETF holdings.

In an interview with Bloomberg, former BOJ chief economist Toshitaka Sekine suggested that the Bank of Japan could raise its benchmark interest rate up to three more times this year. Sekine indicated that the next move could potentially occur as early as June, given the significant room available to adjust its current "excessively" easy settings.

The US Dollar Index (DXY), which gauges the performance of the US Dollar (USD) against six major currencies, trades around 104.60 after rebounding from a multi-week low of 104.08 marked on Thursday. The Federal Reserve (Fed) maintains a cautious stance regarding inflation and the potential for rate cuts in 2024.

Reuters reports on Thursday, Atlanta Fed President Raphael Bostic said at an event in Jacksonville that the need for patience with interest rates, noting that substantial pricing pressure persists in the US economy. Additionally, Cleveland Fed President Loretta Mester indicated that it might take longer than anticipated to confidently ascertain the inflation trajectory, suggesting that the Fed should maintain its restrictive stance for an extended period.

USD/JPY

Overview
Today last price	155.76
Today Daily Change	0.37
Today Daily Change %	0.24
Today daily open	155.39

Trends
Daily SMA20	155.37
Daily SMA50	152.9
Daily SMA100	150.36
Daily SMA200	148.98

Levels
Previous Daily High	155.54
Previous Daily Low	153.6
Previous Weekly High	155.95
Previous Weekly Low	152.8
Previous Monthly High	160.32
Previous Monthly Low	150.81
Daily Fibonacci 38.2%	154.8
Daily Fibonacci 61.8%	154.34
Daily Pivot Point S1	154.15
Daily Pivot Point S2	152.91
Daily Pivot Point S3	152.21
Daily Pivot Point R1	156.08
Daily Pivot Point R2	156.78
Daily Pivot Point R3	158.02

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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