USD/JPY oscillates around the 141.70 area ahead of BoJ, Fed rate decisions – by lilyfinancial USDJPY Majors BOJ
USD/JPY oscillates in a narrow range between the 141.60-141.80 area; market players await the key data.
Japanese policymakers will likely keep monetary and yield control policies unchanged in the July meeting.consolidates in a narrow range in the early Asian session. The pair currently trades near the 141.74 area, down 0.06% on the day. Markets turn cautious mood in the busy week of economic data and the Federal Reserve's and Bank of Japan's monetary policy decisions.will likely maintain the easy-money policy and its yield control policy in the July meeting.
Despite rising inflation in Japan, the central bank will likely maintain its yield curve control stance. BoJ policymakers prefer looking at more data to ensure wages and inflation continue to rise before modifying policy. This, in turn, led to the weakening of the Japanese Yen against its major rivals due to monetary policy divergences between the BoJ and Fed.
After a rate pause in June, the Fed will announce its monetary policy decision on Wednesday. The market expected a 25 basis point rate hike. However, the focus will be on the statement and Chair Jerome Powell's press conference. This key event will triggerLooking ahead, market participants will focus on the Fed's monetary policy decision on Wednesday and the BoJ's
on Friday. Also, the flash Manufacturing and Service Purchasing Managers' Index from both the US and Japan will be watched by traders.
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