Could March be the month when the Bank of Japan finally tightens policy, or at least looks serious about doing so? Bets are increasing.
It’s worth noting, however, that markets have looked for change from the BoJ before, only to see those expectations shattered by a central bank for whom the time was never quite ripe. Given rising prices and wage pressures there would seem to be more to the story this time around, however, and the March BoJ meeting will be fascinating.
USD has retreated back to levels not seen since early February, although it’s notable that the previously dominant uptrend from the lows of January had already been broken in the course of the range-trade seen between February 13 and 29. Despite three sessions of falls USD/JPY remains significantly above its 200-day moving average. That now offers support at 146.095 and might be a tempting target for Dollar bears.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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