Source: Forex Analysis
Global macro overview for 17/03/2017:
The Bank of Japan left its monetary policy unchanged at the meeting on Thursday. The Overnight Call Rate remained at -0.10% together with the Annual Rise in Monetary Base at the level of 80 trillion yens. The bank’s policymakers said the QE programme will continue until the inflation target of 2% is achieved. In the statement, the BoJ said that the Japanese economy remained on a moderate recovery track and would likely turn to a moderate expansion. Analysts and market participants do not expect the BoJ to make changes to its policy in the near future.
Let’s now take a look at the USD/JPY technical picture on the H4 time frame. The market is trading in oversold conditions in a range between the levels of 112.84 – 113.55. The last level is the key one for the bulls to advance higher towards the next technical resistance at 114.48. The broader trend on bigger time frames remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com