The USD/JPY pair trades back and forth in a tight range above the crucial support of 156.00 on Monday’s European session.
USD/JPY trades in a tight range above 156.00 with a focus on BoJ/ Fed policy meetings. The BoJ is expected to raise interest rates by 10 bps and reveal bond-tapering plans. Investors see the Fed maintaining a status quo. The asset shifts to the sidelines with investors focusing on the interest rate announcements by the Bank of Japan and the Fed eral Reserve , which are scheduled for Wednesday.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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