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BoJ Monetary Policy Annoucement and Yen Forecast

BoJ Monetary Policy Announcement and Yen Forecast

BoJ will announce its last rate decision of 2018 on Thursday, December 20th, late in the Asian session. Kuroda will hold a press conference early in the European session. There are no set times for BOJ decisions. No change is expected in the BOJ’s ultra-loose monetary policy. The interest rate is at -0.10%, a negative rate. BoJ and Kuroda are happy with low Yen value. In addition, the BOJ pledged to maintain a low long-term interest rate by holding the 10-year yield close to 0%.

Let us take a look at the Yen against its major counterparts.

USDJPY

BoJ rate decision is due some less than half a day after the FED. The Fed is set to raise rates but the market’s expectation is that will probably downgrade expectations for 2019. The speculation ranges from no moves at all to a total of three, as the Fed’s September dot-plot indicated.

Any downgrade by the FOMC will be considered a “dovish hike.” The BOJ will provide a bit of proportion to what dovishness means. Kuroda and co. seem far not only from rate hikes but also from ending QQE.

Anka is trading at 112.360 as of writing, on the daily chart, it is testing the ascending trendline. 112.200 is the support and firm closings below 112.200 will add weight on the pair. In this case, 111.800 and 111.200 and 110.800 will be the targets of the Bears.

As seen on the H4 chart, the pair is printing a Crab pattern which can be used for Long / Retracement opportunity. We will update according to the price action.

The upside is capped by EMA 50, SMA 100 and SMA 200 on the H4 chart at 113.000 and 113.300.

GBPJPY

I have published my Long Setup yesterday.

GBPJPY Technical Overview: When to buy?

On the downside 141.400 is the key support. A break below will take Dragon towards 140.600 “deep dark territory”

EURJPY

 

Our last call was short and we have reached our targets. The pair is consolidating. However, the upside is capped by EMA 50 at 129.000. Whenever bulls make an attempt to break above 128.700 – 129.00,  pending sell orders start to work.

A potential bullish attempt towards 128.700 can be used as a selling opportunity. A break below 127.700  can be used to add short positions targeting 127.300 and 127.000.

 

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

BoJ Rate Decision: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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