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BOJ is edging toward a shift to a tighter stance

BOJ is edging toward a shift to a tighter stance | 23 January 2023

23 January 2023, USD/JPY

BOJ is edging toward a shift to a tighter stance

USDJPY trading plan:

Japanese currency remained on the defensive after the Bank of Japan governor repeated that the central bank will maintain its ultra-loose monetary policy. BOJ Governor Haruhiko Kuroda, addressing the World Economic Forum in Davos, Switzerland, said the central bank will continue its current "extremely accommodative" monetary policy to achieve its 2% inflation target in a stable, sustainable manner. Data on Friday showed Japan's core consumer prices in December rose 4.0% from a year earlier, double the BOJ's target. Traders bet that the BOJ, the last major central bank to still employ a loose monetary policy, is edging toward a shift to a tighter stance.

Investment idea: sell 130.50 and take profit 129.85.

David Johnson
Analyst of «FreshForex» company
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