U S Dollar Index (DX) Futures Technical Analysis – Trader Reaction to 90 915 Sets Early Tone on Friday
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The Dollar/Yen is surging for a second session on Tuesday after the Bank of Japan (BOJ) kept its policy on hold, but lowered its inflation expectations. Japan’s central bank maintained its massive stimulus at its monetary policy meeting and projected inflation missing its 2% target for years to come, as fresh curbs to combat a spike in COVID-19 cases overshadow the boost to growth from solid global demand.
At 09:39 GMT, the USD/JPY is trading 108.376, up 0.283 or +0.26%.
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The price action suggests the market interpreted the BOJ announcement as dovish as the central bank cut this year’s price forecast and predicted for the first time that inflation would stay well short of its 2% target beyond Governor Haruhiko Kuroda’s term, which ends in early 2023.
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