JPY Trading Outlook (30-04-2014)
USD/JPY: NY took the pair through April 22 high, 50% Fibo and Kijun line resistance at 102.73, but the effort was a futile one, as the day’s high of 102.79 followed quickly and fell shy of 102.84 daily cloud top. S&P and N225 futures held decent gains, limiting USD/JPY’s pullback to bids at 102.50. Tonight’s BOJ meeting is unlikely to mark a shift in policy, but hints about policy changes after a few months of post-tax-hike econ data have been digested may be contained in the semi-annual econ forecast from the bank.
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