FxWirePro: Yen knee-jerk spike to 105.65 quickly reversed, slumps over 300-pips in volatile trade
Friday, July 29, 2016 5:41 AM UTC
- USD/JPY witnessed wild swings in volatile trading session after BOJ’s policy meeting.
- USD/JPY saw a knee-jerk upward spike to 105.65 levels before plummetting almost 300-pips below the 103 handle.
- The pair shrugged off BOJ’s latest policy decision to ease further by increasing ETF purchases.
- BOJ kept the interest rates unchanged at -0.1%, and made no changes to asset purchase program and base money target.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-slips-below-105-handle-bias-lower-good-to-sell-on-rallies-241490) has achieved all targets.
- Markets now await BOJ Chief Kuroda’s press conference for fresh insights on the easing measures.