GBP/JPY & EUR/JPY - BOJ Rupturing Bond Purchases - Forex News by FX Leaders

GBP/JPY & EUR/JPY – BOJ Rupturing Bond Purchases

Posted Wednesday, February 28, 2018 by
Arslan Butt • 1 min read

These Japanese currency pairs are on the move as the investors boosted the demand for safe-haven currency. The reaction came after the Bank of Japan’s (BOJ) ruptured long-term bond-buying program. They are set to buy 70 billion Yen worth of long-dated government paper vs. the 80 billion beforehand.

 

Earlier they were putting 80 billion Yen into the market, but now they reduced the figures to 70 billion. This is what’s known as a contractionary monetary policy. Nikkei, the Japanese stock market index, is down and the Japanese Yen is gaining strength on oversupply concerns. It has a good chance to grab few PIPs.

 

EUR/JPY – Major Trading Levels

Support     Resistance

130.5    132.68

129.6    133.96

128.32    134.86

Key Trading Level:    131.78

 

GBP/JPY – Major Trading Levels

Support     Resistance

148.22    150.67

147.14    152.04

145.77    153.12

Key Trading Level:    149.59

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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