TD Securities: Yen May Trade in Wide Range After Muted BoJ Decision
TD Securities analyst Alex Loo says the Japanese yen is likely to trade in a wide range as the Bank of Japan held rates steady and Governor Ueda’s hawkish tone failed to spark a strong reaction.
TD Securities sees a wide range trading outlook for the Japanese yen. Alex Loo noted that despite Governor Ueda’s hawkish remarks, the yen’s reaction was muted.
The Bank of Japan left its policy rate unchanged at its latest meeting, failing to provide fresh impetus for a breakout. The lack of a directional move suggests the currency will continue to consolidate within a broad range.
TD’s forecast implies that traders are unlikely to see a sharp trend emerge in the near term, keeping the yen trapped between support and resistance levels.
Source: FXStreet Forex News