The Yen is staying inside its weekly trading range. Overview for 03.02.2017

The USD/JPY pair is trading a bit to the upside on Friday afternoon, but, in general, remains inside the stable range.

On Friday, the Japanese Yen is slowly retreating against the USD/ the current quote for the instrument is 113.10.

At the end of the week, they published the minutes of the BoJ’s December meeting. A lot of attention was paid to the December rally, when global stock markets skyrocketed. The regulator’s comments say that it was somehow due to speculative movements based on reactions to Donald Trump’s election victory. In addition to that, another factor to contribute to the rally was, according to the Japanese authorities, the monetary policy tightening by the USA Fed.  

At that time, in December, the interest rate of the Bank of England remained unchanged, but two of the nine members voted against this decision.

There will be no meetings of the BoJ in February; the next one is planned for March. So far, there are no reasons to expect that the country’s monetary policy will change until the USA Fed announces its decisions. The market prefers to wait for the key player to make the first step in order to smooth its possible negative consequences in the future.

RoboForex Analytical Department