Yen strengthens as BOJ maintains policy balance rate
The Japanese yen surged higher as the Bank of Japan (BOJ) left monetary policy unchanged. The BOJ was away from further easing and forecasted that the CPI will hit the 2% target in 2017, boosting the yen. The USD/JPY is in a downturn territory, and breaking the support level 107.90 tends to create a strong downtrend toward 107.60, 107.30 and 106.90.
However, the USD/JPY needs a push near 109.80 again to clear the downward movement and to reach 110.40 and 110.80 respectively.
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