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USD/JPY – The Moment of Truth
Tonight the focus turns to Asia where the BOJ is meeting for its monthly session and the presser will be eagerly anticipated. Since the start of the year USD/JPY has strengthened by 4 yen and the economic data, especially exports has slumped badly.
The Japanese economy clearly needs a boost but the BOJ may be reluctant to fully commit to another easing just yet. However chances are good that governor Kuroda could hint at the expansion of QE before the quarter end and that could be enough to push USD/JPY through the 119 handle.
Lastly even if the BOJ does not move the needle, tomorrows US GDP data could also have some impact. If the GDP surprises to the upside it could provide the extra boost for the pair to clear the upside hurdle.