Bank of Japan Supports the Yen

Bank of Japan Supports the Yen

Happy Friday, dear traders! Today is a great day to trade the yen, as the Bank of Japan will announce its monetary policy statement during the day. Let's check more news moving the markets today!

  • The GDP report showed that the US economy grew by 2.4% in the II quarter.
  • The world's leading central banks continued another round of rate hikes this week despite decelerating inflation but have now shifted in unison to a more cautious stance on moving forward. This is a sign that a year-long round of global monetary tightening may be coming to an end. However, some experts remind of several waves of inflation in 1970 - 1980 and warn that now it is too early to relax. 
  • Sales in US government bonds have resumed, and yields, which usually act as a forward indicator for the USD, are rising. 
  • The current BTC halving cycle is 81% complete. 
  • Lagarde: if the ECB takes a break in September, it won't be for long.
  • The Central Bank of Japan promised to increase flexibility in yield curve control. USDJPY loses 1000 points.

USDCAD trade idea


USDCAD is breaking above the resistance range. Consider waiting for a retest and opening a BUY trade with the target at 1.3380. 


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