U.S Court of Appeals ends hearing over Travel ban to US and will issue the decision at the earliest.
U.S API Weekly Crude Oil stock jumps to 14.2M when compared to previous 5.8M.
According to the BOJ Summary of Opinions from its January meeting, it will take some time for the inflation to accelerate.
BOJ should be judicious in changing the monetary policy. By doing so, inflation will increase significantly. Data released so far for the day have not been doing well for the Japanese Yen.
Japan Current Account n.s.a. saw below forecasts (¥1294.5B) in December: Actual (¥1112.2B). Japan Bank lending (YoY) down to 2.5% in January from previous 2.6%
The only better news for yen was Japan FX Reserves Actual 1,231.6B. CPI is likely to rise due to tightening of output gap with less pressure from commodities prices.
The Bank of Japan has announced that it will buy 400bn yen maturing in 1-3y, 420bl yen in 3-5y, 450bn in 5-10y and 250bn in inflation indexed JGBs.
This pair is determinedly holding at a super relevant level on the 4-hour chart. Though the price was unable to break above support, it has been holding a very relevant support level.
This is a real clue with the price being 'trapped' within this level. The pair got rejected at 111.82 major support areas, which is a right smack at falling channel support levels.
What makes the bounce more interesting is that it's near the 50EMA and 100 SMAs on the 4-hour time frame. Stochastic clearly settles above the 50.0 levels with price action producing two bar signals at support area. A break above 112.31 levels will confirm the change in direction to upside with 113.115 as our main target.
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