The Japanese Yen has retraced a fair amount since its drastic depreciation beginning on March the 11th where we saw a topside breakout from the ascending triangle. Get your market update from RichardSnowFX here:
/JPY has subsequently turned lower, largely due to a softer dollar and positive reports regarding Russia-Ukraine peace talks which lessened the greenback’s safe-haven appeal.The Bank of Japan entered a third day of large-scale bond buying, offering to buy more than 2 trillion yen’s worth of Japanese Government Bonds , over and above the unlimited purchases of 10-year JGBs at a fixed rate of 0.25%.
The BoJ is determined to keep interest rates low, in line with its accommodative monetary policy stance to support the local economy. BoJ Governor Kuroda recently noted the Yen’s depreciation and general volatility but insists that the benefits of the depreciation outweigh the negatives.USD/JPY Key Technical Levels
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