Bank of Japan’s President Haruhiko Kuroda spoke about monetary policy yesterday. Nothing new here – he was just reiterating that the stimulus measures are working but the bank is in no hurry to “taper”. In the FX markets, there was no uniform reaction to Kuroda’s speech, but yen pairs are making some moves.
The EUR/JPY pair topped off last week, but is pulling back to begin this week. Traders will be looking for bearish continuation clues. GBP/JPY has been bullish but retreated last week after tagging 174, which made a new high on the month. Watch out for support if price falls to 172.750-173. Finally, the AUD/JPY popped up to a new high on the month. The 96.50 high on the year is waiting just above, and the pair looks poised for a bullish continuation breakout.
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