BoJ Press Conference review and Interest Rate remains unchanged
Just 30 minutes before the London Session kick-starts, the BOJ Press Conference will be underway to reflect on the past few days’ statements on monetary policy and the Central Bank outlook report. Ahead of the conference, Yen can already be seen gaining some momentum to the upside as the market seems to have priced in the likelihood of no rate change from Governor Kuroda or further stimulus for the economy.
EUR/JPY just 1 hour prior to the conference, had already begun breaking below Weekly Support of 131.86 with many investors seeing 130.00 as the next downside support if there’s enough of a push from the conference for the remainder of the day.
Traders seem to be more inclined in correctly predicting the BOJ’s next moves as of recently, mainly due to the lack of monetary incentive or a rate hike. There is a mutual
understanding the market, however, that a slight possibility of downgraded rate forecasts could be a topic of discussion today.