-
JPY Rally At Risk On BoJ Policy- CAD Breakout Lacks Conviction
The Japanese yen is the strongest performer against a weaker dollar with the USDJPY pair off by nearly 0.70% on the session after moving a full 106% of its daily average true range. The yen is higher against all its major counterparts today as rumors circulated that the BoJ may hold off on further expanding its balance sheet at tonight’s interest rate decision despite ongoing deflationary concerns. The pair continues to trade within the confines flag formation off the March highs with daily support seen holding at the 38.2% Fibonacci retracement taken from the February advance (on a daily close basis) at 80.80. ... (full story)