- USD/JPY fails to find direction this week.
- BOJ cuts its purchases of bonds with maturities between 10 and 25 years.
- Housing starts and building permits decline in the U.S.
The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday. In fact, the pair is trading in the middle of its extremely tight 50-pip weekly range, reaffirming the pair's indecisiveness.
Earlier today, the Bank of Japan announced that it cut its purchases of bonds with maturities between 10 and 25 years by ¥20 billion to ¥160 billion, but failed to get a reaction from the market as that move is seen as a part of the bank's strategy to keep the benchmark yield near zero levels.
Next week, the BoJ will be announcing its monetary policy decisions and publishing the first quarter outlook report. According to Reuters' poll of 17 economists on the BoJ's policy stance, no changes are expected. “The BOJ will retain its massive stimulus as well as the short-term interest rate target at minus 0.1 percent, while also maintaining its pledge to guide 10-year government bond yields around zero percent at its April 24-25 meeting," Reuters said.
On the other hand, today's data from the U.S. showed that housing starts and building permits in March declined to fall short of the market expectation for a modest rebound in both data following February's contraction. However, the thin trading volume allowed the US Dollar Index to stay calm above the 97 mark. On Monday, Chicago Fed's National Activity Index and existing home sales data from the U.S. will be looked upon dor fresh impetus.
Key technical levels
|Today last price||111.92|
|Today Daily Change||-0.06|
|Today Daily Change %||-0.05|
|Today daily open||111.98|
|Previous Daily High||112.08|
|Previous Daily Low||111.76|
|Previous Weekly High||112.1|
|Previous Weekly Low||110.84|
|Previous Monthly High||112.14|
|Previous Monthly Low||109.71|
|Daily Fibonacci 38.2%||111.89|
|Daily Fibonacci 61.8%||111.96|
|Daily Pivot Point S1||111.8|
|Daily Pivot Point S2||111.62|
|Daily Pivot Point S3||111.48|
|Daily Pivot Point R1||112.12|
|Daily Pivot Point R2||112.26|
|Daily Pivot Point R3||112.44|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.