You will recall that the Bank of Japan increased its Policy Rate to +0.00%/0.10% in March, pulling the rate out of negative territory. While many expected the Japanese Yen to rally on the back of this, we instead witnessed a fall in the currency, consequently drawing the USD/JPY higher. Many desks labelled the move as adovish hikedue to the BoJ offering limited forward guidance regarding further policy firming.
Traders were clearly tentatively trading in this market following the release of the job numbers, as we’ve seen officials repeatedly warning of a potential intervention to rescue the beleaguered yen. The last intervention was seen in late 2022. Chart watch March finished the month up nearly +1.0%, following gains in January and February . With resistance taken out on the monthly chart at ¥150.
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