USD/JPY holds steady above 140.00, flirts with multi-week-old trading range hurdle – by hareshmenghani USDJPY Fed BOJ EconomicIndicator Currencies
USD/JPY attracts some buyers on Thursday and looks to build on the previous day’s late rebound.Traders now look to important US macro data dump for some impetus ahead of the BoJ on Friday.pair edges higher during the Asian session on Thursday and looks to build on the previous day's late rebound of over 70 pips from the 139.30-139.25 region. The pair is currently placed just above the 140.
In contrast, the Bank of Japan is expected to stick to its dovish stance to support the economy and ensure that the recent positive signs are sustained. The bets were reaffirmed by BoJ Deputy Governor Masazumi Wakatabe earlier this week, saying that there are overwhelming cases for the continuation of the ultra-easymeasures.
Any further upside, however, seems limited as traders might now prefer to move to the sidelines ahead of the BoJ monetary policy meeting on Friday. Nevertheless, the fundamental backdrop favours bullish traders and suggests that the path of least resistance for the USD/JPY pair is to the upside.
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