Global macro overview for 17/03/2017

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.

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