Serj Panchuk
The Bank of Japan has recently finished the 2-day meeting devoted to further monetary policies. As expected by the participants of multiple surveys conducted by Bloomberg and Reuters, the BOJ decided to leave the interest rates and the bond purchase program unchanged during today’s meeting.
The bankers expressed satisfaction over the positive changes seen in foreign economies but pointed out that the recovery is restrained.
In the meantime, Japan’s construction sector has seen higher demand, which contributes to the overall domestic demand. Altogether, these factors are expected to contribute to the Japanese economic recovery.
Forex.
According to , the Japanese Yen keeps strengthening against the US Dollar. The experts report that USDJPY has finished forming wave А/В of level H16.
The closest major levels of support are located at 78.13 and 77.91. A break above 78.78 will resume wave А/В , thus increasing its wave level potential up to Daily. The closest major levels of resistance are located around the top of the MF sloping channel and pivot 78.95.
Serj Panchuk
