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