USDJPY – Down
USDJPY trading plan:
Japan’s new central bank chief will take baby steps in any shift away from the radical monetary experiment of his predecessor, if recent comments are any guide, but a deeper history of his thinking shows a taste for bolder action. Markets are rife with speculation that Kazuo Ueda, who becomes Bank of Japan governor on Sunday, will dismantle incumbent Haruhiko Kuroda’s massive stimulus programme that has drawn criticism for distorting market pricing and crushing bank profits. As Ueda had predicted, the BOJ’s decision in December to raise the cap set for the 10-year bond yield to 0.5% from 0.25% put upward pressure on long-term rates by fuelling market expectations of a near-term end to YCC.
Investment idea: range 130.85 -131.85.
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