It was the first key act of new Bank of Japan Chief, Haruhiko Karudo and it was a big one. The bank announced plans to buy 7.5 trillion yen ($78.6 billion) of bonds per month and double its monetary base in two years. Plane and simple, this quantitative easing policy introduces a lot of JPY supply, which should weaken the currency. The market immediately started pricing in further weakness in the JPY and in hours wiping out week’s of slow gains by the Japanese currency. Let’s take a look at some of the JPY-crosses and the bullish breakout coming out of the BoJ announcement. The USD/JPY started to show some signs of ... (full story)