USDJPY – Down
Event to pay attention to today:
17:00 GMT+3. USD – UoM Consumer Sentiment
USDJPY:
The USDJPY pair is gaining strength around 158.00 during Asian trading on Friday. The pair is rising after the Bank of Japan (BoJ) announced its policy decision.
According to reports from the Nikkei, the BoJ is considering reducing its government bond holdings. Currently, the BoJ plans to buy about 6 trillion yen (approximately $38.5 billion) worth of bonds each month. The central bank has stated that it plans to purchase between 4.8 trillion yen and 7 trillion yen worth of bonds per month.
Federal Open Market Committee (FOMC) policymakers have revised their forecasts and now predict only one rate cut this year, up from three cuts that were predicted in March. The forecast revision signals a more aggressive approach to managing inflation and maintaining economic stability, which favours the resilience of the US dollar.
Investors are awaiting the release of the preliminary US consumer sentiment index from Michigan, which is scheduled for Friday. This index will provide additional information on consumer confidence and the economic outlook.
Trade recommendation: Trading mainly by Buy orders from the current price level.
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