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Gold so far unfazed by USD/JPY price swings

Gold has been pretty steady so far this week. The metal has been tucked inside a pretty clearly defined range, covered on the wide by $2,015 to $2,035 and more closely by $2,020-$2,030 so far today. At the same time we have had some pretty hefty price swings in the USD/JPY focused around the BOJ policy decision today. However, so far that has not had any impact on gold and seems to be ignoring all of those. That is not to say it will continue to do so, but right now gold seems pretty steady mid range on the day. It looks like a break either side of $2,015 and $2,035 could deliver a move. In fact as I type the USD/JPY is extending its gains on the day to around 144.25 a moment ago, but that has not materially impacted gold yet. The range seen so far today has been covered by 2,021.77 to 2,029.38. It is currently trading at 2,025.10
 

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