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USD/JPY tests 158 after BOJ remains on hold and delays on Bonds
The Yen has weakened following the decision by the Bank of Japan earlier today to delay any reduction in their current bond buying program until the next meeting. The monetary policy decision was as expected, with the BOJ keeping the current 0-0.1% range unchanged. The Yen has fallen back, very close to158 on this news and if you remember that is close to a technical level noted here many times previously. So beyond 158 itself the price point in focus is at 158.21 (76.4% of the fall from 160.17, to the low at 151.86). The high seen so far has been set at 157.99. Well, if the BOJ was really bothered about the weakness of the Yen, then surely they would have offered something more than this earlier this morning? Once again the Japanese Central Bank fails to endorse their rhetoric with monetary policy and hence the Yen has reacted accordingly. The USD/JPY is currently trading at 157.98
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