Posted 3/7/2024, 12:20:36 PM
Yen Rallies on Speculation of Bank of Japan Policy Shift
- Japanese Yen surges against US Dollar as markets speculate Bank of Japan may exit ultra-loose monetary policy
- BoJ board member comments suggest central bank moving closer to 2% inflation target and removing negative interest rates
- March 19th BoJ meeting seen as critical date to watch for potential policy changes
- Markets have anticipated BoJ policy changes before only to see expectations dashed
- USD/JPY drops below key Fibonacci retracement level from January lows to February peak, next support at 200-day moving average