In today’s Bank of Japan (BOJ) meeting, it is expected that the policy interest rate will remain unchanged. However, with the recent yen weakening, there is a chance that the BOJ may show a positive stance toward raising rates, which could lead to a strong buying of the yen.
On the other hand, the U.S. ADP employment data released yesterday was much stronger than expected, suggesting that tomorrow’s employment data may also exceed expectations, which may limit any drop in USD/JPY.
If Governor Ueda’s comments lead to yen buying, it could be seen as a good opportunity for buying on dips.
Expected USD/JPY Range: 154.20 – 152.40
Note: The above content does not guarantee any profit. Please make your own decisions before trading.