Dollar/yen continued its regular range trading, but lost uptrend support – that’s new. Monetary Policy Meeting Minutes are the highlight of this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.
The Bank of Japan kept its monetary policy unchanged leaving rates at a minimum low of 0.0% to 0.1%. The QE program was extended to 45 trillion yen, but the markets were underwhelmed by this small step by the BOJ. Current Account surplus continued contracting in May reaching 0.28T from 0.29T in the previous month and Core Machinery Orders plunged 14.8% in May compared to a 5.7% gain in April lower than the 2.4% decline predicted by analysts.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdjpy-outlook-july-16-20/"]USD/JPY Outlook July 16-20[/URL][/I][/B]
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